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CA challenges Govt&#39s claims on misselling

The only way to prevent Ron Sandler&#39s suite of simplified stakeholder products being missold will be to change the definition of what constitutes misselling, the Consumers&#39 Association ironically warns.

Speaking at the Treasuryhosted seminar on the Sandler report, CA director of campaigns Allan Asher posed the question of how the Government planned to avoid the misselling of the new products.

If the regulation of the sales process is removed as is intended, Asher warned that misselling is inevitable unless the definition is redefined.

Asher said it appeared the proposals as they stand remove all liability for products after their sale and leave little room for redress if consumers feel they have been missold a plan.

At the meeting, Sandler reiterated one of the key recommendations in his report, calling on the FSA to define misselling as no exact terminology currently exists. The regulator has yet to respond to that recommendation.

Asher said: “I would challenge the point that these products cannot be missold. The only way these products cannot be missold is if misselling is redefined to exclude them.”

Axa marketing manager Steve Muir says: “I do not think there is general agreement within the industry and even the regulator that these products cannot be missold.”

FSA managing director John Tiner said: “We are committed to striking the right balance but the risk of significant consumer detriment borne by people that misbuy or are missold the stakeholder products will have to be addressed.”


Aon conference predicts UK recovery

Prospects for economic growth and recovery in the equities markets are better in the UK than in Euroland according to speakers at the Aon Consulting Investment Conference held earlier this month in London.Aon senior investment consultant and actuary Alvar Chambers pointed out that the hidden cost of fund management can often double the disclosed charges […]

&#39Red tape damaging savings&#39

New Labour red tape must share the blame for plunging stockmarkets and the resulting damage to savings and pensions, according to Shadow Chancellor Michael Howard.In his speech at the Conservative party conference in Bournemouth last week, Howard criticised the 4,642 company regulations introduced by the Government last year, saying they must be partly responsible for […]

Treasury sets October 2004 date for FSA mortgage regulation

The Council of Mortgage Lenders has welcomed today&#39s announcement from The Treasury that FSA regulation of mortgages will come into force in October 2004. But the CML warns it will only work in practice if all mortgages are removed from the scope of the draft Consumer Credit Directive currently beginning its passage is becoming European […]

Derbyshire slashes fixed mortgage rates

Derbyshire Building Society has slashed rates on its range of three-year fixed rate mortgages. From this week borrowers can obtain a three-year loan – fixed until November 2005 – from 4.65 per cent with no mortgage indemnity charge, no valuation fee and daily calculated interest. There is no early redemption charge after the fixed period.

Is this the endgame for the current mergers & acquisitions boom?

Last year, worldwide mergers and acquisitions (M&A) rose to an unprecedented $4.7tn, according to Thomson Reuters, a 41 per cent increase over 2014. Anthony Forcione, senior equity analyst at Loomis Sayles, an affiliate of Natixis Global Asset Management, looks at what’s been driving this particular wave of mergers. Click here to view full article: Loomis-Sayles


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