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Davies says falling markets are no reason for compensation

FSA chairman Howard Davies has described regulation that compensates people for losses as a result of weak equity markets as madness in a speech given last night in the city.

Speaking at the Lord Mayor&#39s City Banquet, Davies also attacked the EU for imposing a “one size fits all approach on European markets” which he said doesn’t reflect the differences between states.

He also said the regulatory system was at a delicate moment, with a serious danger of regulation being increase to levels that will cause long-term damage.


Zurich takes over NU&#39s life link with Newcastle

Zurich has replaced Norwich Union as strategic partner of Newcastle Building Society for life products, its third direct distribution tie-up of the year.The deal sees NU&#39s 13-year relationship with Newcastle end as Zurich offers a deal that sees the salesforce stop being NU introducers and become Newcastle appointed representatives, tied to Zurich.Newcastle has 51 branches […]

Actuarial appointment at Exeter FS

Exeter Friendly Society has announced the appointment of Michael Dunford as actuary and chief underwriter.Dunford&#39s role will focus on actuarial work for Exeter&#39s range of private medical insurance products. He joins from Liverpool Victoria where he was assistant actuary at Permanent Insurance until it was absorbed into the friendly society.It has also appointed Sarah Pyne […]

Strikers win rethink by Caparo on pensions

The first UK workers to strike after their final-salary scheme was threatened have won their battle to keep their pension intact, with their employers reinstating the scheme.Steelworkers at the Welsh Caparo Steel Group, owned by Labour peer Lord Paul, started a series of one-day strikes after the company threatened to downgrade its finalsalary scheme.The strikes […]

IFP welcomes FSA comment on AFA

The Institute of Financial Planning has welcomed the comments from the FSA&#39s David Severn that the regulator would be happy to see the back of the AFA tier.Speaking from the IFP&#39s annual conference in Telford, chief executive Nick Cann said the AFA concept was a ridiculous category which never would have worked in the commercial […]


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