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Brown outlines cuts in FSA red tape

The Treasury is to demand the FSA cuts information requirements on firms and up to 20 consultations a year as part of cost saving measures to be announced in the Pre Budget Report.
Chancellor Gordon Brown told the CBI conference he wanted to increase the risk based approach in financial services and will announce 10 new simplification and deregulatory measures to cut the burden of information, forms and reporting requirements.
In a speech seen as conciliatory to the business world in the wake of DTI secretary Alan Johnson’s deal on public sector pensions, Brown said there must be pension reform but debate was needed to ensure it is ‘sustainable, fair and affordable’.
Brown said: I will publish at the Pre Budget Report 10 new simplification and deregulatory measures which will cut demands for information, forms and reporting requirements including cutting by 15 per cent disclosures of change of control and up to 20 FSA consultations each year.


Turner calls for six to 10 funds in scheme

The Turner Commission has recommended a range of 6 to 10 funds for its low charge National Pensions Scheme.The proposal models the Government administered Swedish model which was initially criticised for including too wide a range of funds.Several fund managers, including Invesco Perpetual, have welcomed the National Pensions Scheme proposal and Turner’s insights into non-pension […]

Which? wants focus on practicalities

Which? says the debate must move away from “trading insults” and focus on practicalities if pensioners are to benefit from the new, more cost-effective scheme.

McAteer wants to end 21bn ‘waste’ with compulsion

The 21bn cost of pension tax relief in 2004/05 prov- ides a compelling argument for compulsion, claims consumer watchdog Which? Statistics from the Pensions Policy Institute show that the 21bn pension tax relief represents 1.8 per cent of GDP. Which? principal policy adviser Mick McAteer says this is an unforgivable waste of money and huge […]

‘Sellers to flood market next year as Hips loom on horizon’

Estate agent Haart predicts that property prices will rise by 5 per cent in the first half of 2006. It says prices have risen by between 2 and 3 per cent this year, representing a period of realignment after double-digit growth in the last three years. Haart says sellers have finally adjusted their expectations on […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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