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Cooling-off plan for all drawdown investors

The FSA is planning to introduce a cooling-off period for everyone buying an income-drawdown policy.

Previously, only clients exercising an open market option benefited from a cancellation period. This meant that policyholders buying a plan from their pension provider did not have this option.

The FSA makes the proposal in its latest Miscellaneous Amendments to the Conduct of Business rules, published last week.

IFAs welcome the move as they say a large amount of drawdown business is still done on a tied basis through consumers&#39 existing pension provider.

The Annuity Bureau director Ronnie Lymburn says: “This is a significant move. There is still a large amount of drawdown business written by insurance companies just roll-ing over their book. I think this is sort of pushing out the boundary a little bit to the benefit of consumers.”

Axa head of pensions marketing Steve Folkard says: “We would welcome this change as we have always given consumers the opportunity to change their minds along the principle of best practice.”


Northern Rock widens choice for borrowers

Northern Rock is introducing a range of flexible and traditional mortgages intended to offer a wide choice of competitive rates.A two-year flexible fixed-rate mortgage is available, starting at 3.39 per cent up to 85 per cent loan to value, increasing to 3.59 per cent on an LTV of 95 per cent.It has an early repayment […]

HSBC International – Nasdaq Annual Growth Fund

Wednesday, 22 January 2003 Type: Capital protected fund Aim: Growth linked to the performance of the Nasdaq 100 index Minimum investment: Lump sum £5,000, $5,000, euros 5,000 Place of registration: Dublin Investment split: 100% linked to the performance of the Nasdaq 100 index Guarantee: Capital returned in full regardless of performance of index Return: Up […]

Standard slaps on 27% MVA

Standard Life is imposing a market value adjuster of up to 27 per cent on its with-profits funds to deter an exodus.The move more than doubles the firm&#39s previous 10 per cent MVA imposed in September last year.Standard says the rise was prompted by a marked increase in withdrawals following bonus cut announcements last week […]

Pensions at the polls

With most of the world focused on events unfolding in the Middle East, the promise of action on a whole host of pressing home-front issues seems unlikely.We have hit mid-term blues for all the parties, with none of them enlivening the spirit. The turnout at the last general election was a mere 59 per cent […]


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