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Call for EU-wide compensation fund

The Financial Services Consumer Panel has called for a centralised European compensation fund to be set up.

Speaking at a Treasury select committee meeting on the EU single market in financial services, FSCP chairwoman Ann Foster complained that the EU&#39s Financial Services Action Plan actively excludes consumers.

Foster wants to see more measures put in place to protect UK consumers buying in mainland Europe but did not suggest ways of funding a scheme.

She expressed concerns that consumers&#39 needs have not been factored into the action plan. She said there is too much duplication of regulation and not enough focus on consumer protection.

Which? senior policy adviser Mick McAteer said further integration will bring little benefit for consumers and predicted the possibility of a pan-European misselling problem.

FSCP panel member Paul Salvidge said he does not believe UK consumers are aware of the risks of buying abroad, adding there is no EU obligation for member states to have compensation funds for insurance company failures.

Foster said: “What about establishing an EU fund to protect consumers?” McAteer said: “Just because there is a proliferation of choice does not mean this is a good quality choice. This is what we tell the Treasury.”


Sesame sets up equity-release deal

Sesame has launched a specialist equity-release unit where its members can refer business. The unit is based in Manchester and is currently manned by two advisers. Sesame will look to expand the unit if demand for its services increase. It was set up so that Sesame members which do not want to take on the […]

Mansfield Building Society launches three year discount

The Mansfield Building Society has launched a new three year discounted mortgage scheme available on residential owner occupied property in England and Wales up to a maximum loan to value of 90 per cent. The standard variable interest of 6.73 per cent is discounted by 1.75 per cent for three years resulting in an initial […]

A matter of principals

Alliance & Leicester&#39s admission that it will restrict the number of principals it deals with after M-Day has prompted concerns as to whether it and other lenders are ready for October 31 and beyond. A&L says that while it has a serious commitment to both lenders and brokers, its top priority is to be compliant. […]

Unfitting behaviour

Splashed all over the national newspapers, radio and TV last week was the launch of PruHealth, a private medical insurance company that will reduce policyholders&#39 premiums as a reward for becoming more healthy. By attending gyms or having annual check-ups, policyholders can see their premiums plummet while increasing their life expectancy. The Diary attended the […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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