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Bankers warn of impact

The British Bankers’ Association has questioned if the FSA’s response to the banking crisis will strike the right balance between financial stability and allowing banks to support the economy.

Chief executive Angela Knight wrote to FSA chief executive Hector Sants last week, saying there is “a critical need” to model the impact of the plans in the Turner review. Knight says the FSA has given “insufficient attention” to the impact that raising capital and liquidity requirements will have in the industry.

She says: “The banking industry is fully supportive of the need to overhaul the regulatory framework. But we do not believe the UK can plough ahead with all on its own without thought to how changes here will work with plans afoot elsewhere.”


Wedding present

As under-pensioned Britons come to realise just how expensive buying an annuity income actually is, we are going to see a trend towards even middle-class people making the most of what the state has to offer. For many cohabitees at or approaching retirement, this could lead to a walk down the aisle or a short trip to the registry office at least.


L&G offers pension tax alternative

Scrapping Budget proposals on higher-rate pension tax relief in favour of limiting the annual contribution allowance to £50,000 would generate the same amount of revenue, says Legal & General.


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