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Compensation scheme finalised

The final rules for the Financial Services Compensation Scheme, due to come into effect on December 1, have been finalised. IFAs will have their own category, which will not include the cost of redress for the pension review.

If an IFA firm goes into default, the rest of the IFAs will share the cost of compensating investors or paying liabilities. A voluntary arrangement with providers sees them pay 85 per cent of the levy. IFAs will pay a fee for costs of running the scheme, which is 1.5 per cent of the fees they pay to the FSA.

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FSCS rules finalised

The final rules for the Financial Services Compensation Scheme due to come into effect on December 1, 2001 have been finalised. The new single scheme will replace the eight existing schemes including the Investors Compensation Scheme. IFAs will have their own category, which will not include the cost of redress for the pensions review. Anytime […]

Lenders tear into FSA&#39s &#39confusing&#39 proposals for mortgage regulation

FSA proposals for mortgage regulation will be slammed as anti-competitive, ineffective and likely to stifle innovation in consultation responses sent to the regulator this week. Several major lenders say their responses to the FSA&#39s consultation document – due in this week – rip apart the proposals as being a backward step for the market and […]

CIS offers to act as guinea pig for Saltr

CIS is offering to be a case study for product providers which are wary of the ABI&#39s Raising Standards initiative. The life office is urging providers to sign up for the accreditation mark, believing it is the industry&#39s last opportunity for self-regulation before changes are forced on it by the Sandler and FSA reviews. CIS […]

Possible rate cut if US terror assault results in downturn

The Federal Reserve, the European Central Bank and the Bank of England have all indicated that interest rates will be cut if the terror assaults on the US push the world towards recession.But Bank of England governor Sir Edward George ruled out an immediate co-ordinated cut, and the European Central Bank has warned that a […]

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