View more on these topics

Consultation on orphan assets set for summer

The FSA says it has undertaken preliminary work on the attribution of orphan assets and will consult on it in the summer.

In CP176, the regulator says it is developing open processes for policyholders affected by the attribution of orphan assets.

The move has come under fire from some critics, who say a transparent process is not enough and companies should be forced to attribute. But others say stockmarket difficulties mean insurers need the cushion afforded by orphan assets.

Prudential, Norwich Union and Legal & General all have large unattributed orphan estates, with the former two believed to be considering attributing their assets.

Consumers&#39 Association senior policy adviser Mick McAteer says: “It is not going to make a blind bit of difference unless the Government and the FSA force the companies to do it.”

Chartwell director Patrick Connolly says: “If the FSA is going to set guidelines, that would be a good thing. If companies are allowed to hold on to orphan assets, restrictions should be put on their use.”

Recommended

Reach for the PI

The professional indemnity insurance market is in crisis. Many firms are without cover and many have non-compliant cover. The rules regarding professional indemnity insurance are very stringent. They are contained within chapter 13 of the Interim Prudential Sourcebook for Investment Businesses. The rules are very clear in that any firm with a market capitalisation under […]

Key facts will feature generic illustrations

Generic illustrations will replace personalised illustrations in the FSA&#39s forthcoming key facts point of sales documentation except for pen- sions which must still provide an example of what each individual can expect to get back. A draft consultation paper seen by Money Marketing shows the FSA wants to introduce a streamlined and standardised approach to […]

Portman moves into equity release with lifetime loan

Portman Building Society is entering the equity-release market by offering a lifetime mortgage. Although initially available only through its branches and call centre, the society says it is considering extending the product to IFAs. It says branch staff have been trained on the product and the market, which can be complex, so it is focusing […]

nvesta – Dual Advantage Plan

Tuesday 28, January 2003 Type: Capital protected bond Aim: Growth linked to the performance of FTSE 100 index Minimum-maximum investment: £5,000-no maximum Term: Five years six months Guarantee: Capital returned in full provided index does not fall by more than 50% Return: 42% growth provided index does not fall by more than 50%. If index […]

Brexit: what to expect in the aftermath

James Dowey, Chief economist & CIO In these very early stages following the “Leave” win any prognosis is by its nature highly tentative. It will be weeks before we are able to measure the acute impact of the result on the UK economy, and there are clearly no close historical parallels on which to base […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com