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Consumers&#39 Association accuses FSA of naivete over Equitable

The Consumers&#39 Association says the Baird Report shows the FSA has failed miserably in one of its first tests as a regulator in its handling of the Equitable debacle.

The FSA is at fault not because it could not prevent what happened but because it has not been able to deal with the aftermath of the decision by the life office to close its doors to new business.

CA senior policy adviser Mick McAteer says: “The Baird report paints a damning picture of a lack of communication and coordination, a lack of preparedness and planning for the possibility that the Equitable could lose the court case, and frankly a degree of naivety on the part of the FSA with regards to the information on which it based its assessment of Equitable&#39s financial strength.”


HST abandons flotation to seek alternative financing

HST Financial, comprising a national IFA firm and network, is seeking funding from product providers, other UK companies or overseas investors in a bid to survive in the long term.The financial distribution company, made up of the Sage FS network, the Host Partnership national IFA firm and non-regulated sales support service Host Protection, has cancelled […]

FSA criticised for poor handling of Equitable debacle

The FSA has been strongly criticised for its poor handling of the Equitable Life affair by the report looking at its role in the debacle.The report conceded most of the problems which led to the decision by the life office to close its doors to new business last December occurred before the FSA was handed […]

Privately managed funds soar

The value of funds in actively managed portfolios rose to £290bn in 2000 from £262bn in 1999 as investors looked to private asset managers for higher returns. The increase is even greater given the effect of negative equity market returns.The figures from PAM show that stockbrokers, private banks, fund managers and investment consulting firms are […]

HBOS will merge brands in bid to be top-five player

HBOS is pitching to become a top five player in the retail investment market with the launch of a new giant asset management arm in the fourth quarter of next year.The new firm will bring together the investment operations of Halifax, Clerical Medical and Equitable Life, and will begin with a series of fund mergers […]


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