View more on these topics

Bee says Turner’s scheme fails FSA’s suitability test

Adair Turner’s National Pension Saving Scheme goes against the FSA’s suitability requirements, says Scottish Life head of pension strategy Steve Bee.

He says the scheme presumes the pension is a suitable investment without allowing for advice to be given and leaves uncertainty over where liability lies.

He says the FSA told the Treasury select committee last month that advisers had to be careful giving advice to lower earners around issues such as pension credit and that the NPSS flies in the face of this.

The view is echoed by ABI director of life and pensions Chris Kenny, who says there is the potential for a regulatory playing field that is not level and suggests the FSA may have to bring in a lower level of regulation for certain products.

Bee says: “The FSA stressed the importance of advice to those on lower income and the proposals seem to go against the regulator’s guidelines.”

The FSA says it will not give a timescale for any response to the report.


Sipps could boost local communities

Community Sipps could prevent rural inhabitants from being priced out of their local property market when pension investors start snapping up second homes after A-Day. JB Financial Partner John Bradley says a form of community Sipp could be set up to buy local housing to keep it out of the clutches of second-home hunters. But […]

‘Viable way to plug the savings gap’

The Investment Manage-ment Association says proposals for the NPSS are a viable way to plug the savings gap but it is crucial that the system does not overcomplicate pensions.

Leeds Building Society launches 1 year fixed rate bond

Leeds Building Society has launched a one year fixed rate bond paying 4.8 per cent until 1 February 2007.The product, with a minimum investment of 5,000, also offers a monthly interest option. Unusually for this type of product, access is available on up to 50 per cent of the amount invested without notice or penalty, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm