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CP121 proposals branded “crazy” by Fidelity

Fidelity, the UK&#39s biggest fund manager, has come out strongly against the FSA&#39s depolarisation plans, branding them “crazy” and likely to work to the detriment of consumers.

In its response to the FSA&#39s consultation paper, Fidelity says proposals forcing IFAs to decide between staying as they are or switching to one of several other adviser models is misguided and liable to bewilder clients.

It is particularly critical of the regulator&#39s timetable for implementation, which it believes is unworkable and does not give IFAs enough time to make an informed decision.


Complaints over pensions reach record volume

Pension complaints have hit record levels, rising by more than a quarter in the past year, according to figures from the Pensions Advisory Service.In the year ending March 31, Opas dealt with 46,290 pension enquiries and complaints. This was a 27 per cent increase on last year and marks the biggest caseload for Opas in […]

&#39Defined-payment system will cut IFA numbers to 500&#39

IFA numbers could plummet to just 500 if the FSA goes ahead with its definedpayment system outlined in CP121, according to res-earch by H2B.The research, exclusively commissioned for Money Marketing&#39s G80 polarisation summit shows that IFAs predict they will find it impossible to operate under the defined-payment system if CP121 is implemented without amendment.Advisers say […]

Equitable reassures institutions

Equitable Life&#39s chief executive Charles Thomson has assured the UK&#39s institutional pension funds that the with profits fund remains solvent though he admitted the margin is very thin.Thomson, in response to questions at the NAPF, said the society meets its required minimum margin. He blamed economic conditions for Equitable&#39s continuing financial difficulties.He said: “My sorrow […]

Be positive on pensions

Financial advisers could be doing much more to counteract the negative publicity that surrounds the pension industry at the moment.With their knowledge and experience, they are in an ideal position to advise clients – employers and employees – of the positive aspects of pension provision.This extends to encouraging employers to set up and contribute worthwhile […]


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