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Davies hints at KFD redesign

FSA chairman Howard Davies has hinted that Key Features Documents could be subject to a complete redesign.

Speaking at the foreign banks & securities houses association conference in London yesterday, Davies said that KFDs were not providing a sufficient level of disclosure for investors.

He said: "There is ample evidence that the disclosure requirements we place on providers and intermediaries are not delivering information to the consumer which she can readily understand and use to make an informed decision. And that is even though the key features documents were carefully designed to deliver comprehensible and easy to prepare information.

"Sadly, the research shows that they do not hit the spot. That is more than ever true in the with-profits area, where product complexity is a particular problem. So, in parallel with polarisation reforms, we need to work on the disclosure arrangements at the same time."


Ipswich helps first timers onto the property ladder

Ipswich Building Society is targeting people who are taking their first steps onto the property ladder with its three-year fixed-rate mortgage.This product is aimed solely at first-time buyers and has a fixed rate of 5.29 per cent until March 31, 2005, for loans of up to 95 per cent of valuation. It is only available […]

Hedge fund of funds is absolutely AFM

Absolute Fund Management has designed the absolute fund, a fund of hedge funds that aims to produce growth while trying to preserve the original capital.AFM is a new company founded by Charles Hovenden and Christopher Aldous. Hovenden is a former associate director of Rothschild Asset Management and has been involved in hedge funds since 1993. […]

Equitable policyholders warned not to reject compromise

Equitable Life chairman Vanni Treves has warned policyholders they face a bleak future if they reject the compromise deal when they receive their voting packs in December.Speaking at the National Association of Pension Funds&#39 autumn conference in London last week, Treves said the only way to get the troubled life office back on a firm […]

Direct Life & Pensions Services appoints operations director

Protection intermediary Direct Life & Pension Services has appointed Rob Quayle as operations director to oversee its growth following its purchase by Skipton Building Society. Quayle will direct the day to day running of the life and protection insurance intermediary business, including its Lifequote broker agency.Quayle has over 10 years experience in operational management, including […]

Japan: the Land of the Rising Dividends

By George Boyd-Bowman, Fund Manager at Neptune Many Western investors have long bemoaned the lack of a true dividend culture in Japan, claiming the corporate culture is not tilted in favour of shareholders. Yet today, in the Land of the Rising Sun, we see a fresh impetus to focus on shareholder returns, which is leading […]


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