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CA calls for shareholders to foot bill for reviews

The Consumers&#39 Association is calling on the FSA to ensure that company

shareholders foot the bill for the pension and mortgage endowment reviews.

CA senior policy adviser Mick McAteer is concerned that policyholders may

pick up the tab for the reviews in response to the PIA&#39s regulatory update

89 and in anticipation of the outcome of the windfall shares test case. The

CA wants the FSA to recommend that providers compensate those affected by

the reviews from shareholders&#39 money.

McAteer says if the windfall test case finds in favour of the professional

indemnity insurers, then any redress received by life offices should be

shared among policyholders. The case, involving a Norwich Union

policyholder,will be heard in July. The High Court will determine whether

people who were missold personal pensions will have their compensation

reduced if they get windfall payments from their provider demutualising.

FSA spokeswoman Jackie Blyth says: “It is the regulator&#39s role to ensure

consumers rec-eive appropriate redress.”


Sun Life International – International With Profits Bond

Wednesday, 6 June 2001.Type: Offshore with-profits bond.Aim: Income and growth by investing in Axa Sun Life&#39s with-profits fund.Minimum investment: £25,000.Place of registration: Isle of Man.Investment split: Property 8 per cent, equities 92 per cent.Isa link: No.Charges: Annual 1 per cent.Bonus rate: 6.5 per cent for sterling, 6 per cent for US dollars and Euros. Additional […]

GE Life levels out

GE Life is aiming its high income and growth plan at the over-50s who are interested in regular income or capital growth.The plan has a term of three years and two months and is linked to the EuroStoxx 50. There is a choice of annual income at 10.25 per cent, monthly income at 0.80 per […]

Boyd makes little impact

Financial services public affairs consultant Jim Boyd made a small dent in Labour MP Chris Mullens&#39s huge majority in Sunderland South.Consolidated Communications divisional director Boyd, sitting as Conservative candidate, came second with 20.1 per cent of the vote, a swing to the Tories of 1.2 per cent in the safe Labour seat that Mullen holds […]

Aifa to tell new minister how IFAs work

Aifa is drafting a paper to send to the new minister who will take chargeof financial services to ensure they understand the role of IFAs in meetingtheir key policy objectives. Speaking at PIMS on board the Oriana, Aifa director general Paul Smee toldMoney Marketing about the importance of making sure the minister is clearfrom day […]

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Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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