The first meeting of the Government’s High-Level City Group has called for a cut in financial services regulation and further action against the unnecessary gold-plating of European directives.The group, which met last week in London, said the FSA’s principles-based regulation must be maintained but put forward proposals to reduce the admin burden of the regulation. As part of the group’s work, the Government outlined its efforts to take further action against “unnecessary gold-plating of European directives” and push for a more deregulatory stance in the EU under its German presidency. The Government said it will examine with the FSA whether the regulatory regime for insurance services with low consumer detriment or systemic risk could be lightened. It discussed ways of boos-ting professional finan- cial skills in London and examined proposals for a centre of regulatory expertise to provide teaching and research. The group was set up by Chancellor Gordon Brown in the last Budget to develop and support a new strategy to promote London as a leading financial centre. The meeting was chaired by Brown, with Treasury Economic Secretary Ed Balls and trade minister Ian McCartney also in attendance. Brown told the meeting: “Today’s meeting has discussed concrete steps that will allow us to take forward an agenda, bringing busi-ness and Government tog-ether, to equip us to meet the challenges of global com-petition and promote the City and its financial services expertise throughout the world.”
Concerns have been raised that brokers may see the potential to earn future proc fees dashed once a mortgage is sold or securitised. In a case involving A J Hird Insurance Consultants dir-ector Chris Cundell, his client’s mortgage was sold by Amber Homeloans to Infin-ity Mortgages and when the client moved home and the mortgage […]
M&G has taken in more net new money in the first three quarters of the year than in the whole of 2005, which was a record-breaking sales year for the firm. Gross fund inflows in the first nine months are up 78 per cent, hitting £9.98bn, compared with £5.6bn over the same period last year […]
Speculation, speculation, speculation are the three words driving the life industry at present.
The Department for Work and Pensions has dropped plans for a web-based pension service for people who cannot afford advice because it admits it does not know what future pen- sion provision will look like. The Retirement Planning web service, costing the taxpayer £11m, was intended to provide advice on planning and saving for retirement […]
Jelf Employee Benefits has given its initial thoughts on the chancellor’s 2014 Autumn Statement. The company is seeking to isolate the sections of the speech (and the supporting document) that are relevant to the employee benefits debate. The first such area is pensions related.
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