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Davies restates phase two position to Treasury select committee

Financial Services Authority chairman Howard Davies indicated to the Treasury Select Committee inquiry this week that the FSA might take on board some IFA Association ideas on simplifying phase two.

But he emphasised that overall the review would continue as currently constituted.

He also refuted suggestions that the PIA was abusing its powers over phase two and in particular over complaints from 15 IFAs raised with him by committee member Sir Teddy Taylor.

He said: &#34We have listened carefully to representations from IFA organisations about simplifying the process. Some of these points we can respond to but the individual cases don&#39t portray a systematic problem.&#34

He also suggested that a balance had to be struck between access to the planned appeal tribunal under the jurisdiction of the Lord Chancellor and the need to keep costs down for smaller firms.

Davies also accepted that low persistency rates for pensions and life insurance showed that there was still a problem with some advice while laying the blame for pension misselling almost entirely with life offices&#39 misunderstanding of the previous act.


CGU may throw hat into ring for NPI

CGU is believed to have put itself forward as a bidder for beleaguered pension specialist NPI. The newly merged firm, previously General Accident and Commercial Union, admits it is on the expansion trail.Other bidders interested in NPI are believed to be AMP, Swiss Life and Britannic. The successful bidder for NPI is expected by announced […]

Southern Pacific cuts mortgage protection premiums in wake of Shelter report

Southern Pacific Mortgage Limited is reducing the premium on its Single Premium Protected Payment Plan by 25 per cent.The lender says it is making the move following a report by Shelter which showed that the self-employed and those on short-term contracts are three times more likely to have no mortgage payment protection insurance than those […]

Hewitt extends Oeics conversion deadline for stamp duty exemption

Treasury economic secretary Patricia Hewitt has announced the extension of the stamp duty exemption for authorised unit trusts merging into Oeics.The exemption has been extended from the current 30 June 1999 deadline until a year after the Treasury&#39s Oeics 2 regulations come into effect. The Treasury has yet to set a date for publishing these […]

MPI acquires Profile Financial Services

MPI is bringing £25m of new lending into its portfolio with the acquisition of market competitor Profile Financial Services.Profile&#39s mortgage business and key employees will be transferred to MPI&#39s National Mortgage Centre in Derby. Profile principal Neil Atkins takes over as MPI&#39s newly-created national sales and development manager.


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