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CA&#39s 10 commandments to improve business ethics

The Consumers&#39 Association has issued “10 commandments” in a bid to improve corporate governance and business ethics.

The commandments include advice on disclosure of information, responsible practices and relationships with consumers.

The CA&#39s corporate governance code for the industry looks at setting out remuneration strategies to steer the industry away from commission and to put consumers at the forefront of business decisions. The commission culture is seen as one of the biggest hurdles for the CA to overcome.

Ideally, the CA would like the FSA to make a rule preventing remuneration strategies but it is looking at a model where companies can voluntarily adopt the model where staff are rewarded according to overall financial and corporate performance and not by volumes of sales.

The CA is consulting with the industry, with a view to finalising issues by early 2005. Senior policy adviser Mick McAteer says: “If there is enough interest we will go for accreditation but if firms are reluctant, we will use the rules as a template to expose bad practice. But there is no choice for firms – this is going to happen and they would be better off playing ball.”


Cartel board is 50 per cent women

Mortgage intermediary firm Cartel has announced that 50 per cent of its board directors are women and says there is no reason why the financial services industry should be male-dominated. Andrea Brammer is Cartel&#39s head of recruitment and is on the board of directors. She says there is no reason why women cannot succeed in […]

Abbey concludes review of Scot Prov and Scot Mut

Abbey has completed the review of its with-profits funds and says its closed Scottish Provident and Scottish Mutual funds need no further capital to comply with the FSA&#39s realistic reporting requirements. Abbey says the equity exposure in the funds will increase to around 35 per cent. The provider says just under half its with-profits policyholders&#39 […]

Woolwich plan moves up a gear

Woolwich Plan Managers has brought out the accelerated growth plan, a capital-protected bond linked to the FTSE 100 index for a six-year term. Growth at 350 per cent of the rise in the index is offered but this is capped at 63 per cent. This means the index must grow by at least 18 per […]

Online investment aid for advisers

Distribution Technology is offering an internet investment and portfolio planning application to help distributors provide advisers with the tools to deliver investment advice.


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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