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EC confirms Mifid will be passport to bypass RDR

The European Commission has confirmed that advisers passporting into the UK through Mifid will not be subject to any new conditions introduced by the retail distribution review.

Temple Bar IFA managing director Simon Mansell wrote to EU internal markets commissioner Charlie McCreevy requesting clarification on the effect that the RDR would have on Mifid advisers.

A letter of response from EC head of unit, financial markets infrastructure, Mario Nava states that any requirements will not restrict or otherwise affect the rights of investment firms under Mifid.

Nava says: “This means that such measures should not be applied to non-UK firms providing services in the UK on a cross-border basis or operating in this member state through a branch.

“My services will discuss with the FSA and monitor closely the RDR review to avoid situations that might be inconsistent with the Mifid.”

Mansell says the proposals made under the RDR are not in line with the objectives of the EC and will contradict Mifid’s aim of harmonisation across Europe. He says: “I do not understand why the FSA did not consult the EU bef-ore spending thousands of pounds on the RDR. I would have thought its first port of call would have been Europe.”


Schroders in cautious version of maximiser

Schroders is to offer a cautious version of its income maximiser that targets an initial yield of between 5 and 6 per cent.The UK income defensive fund will use two put options to defend investors from potential market instability.The fund will invest in 30 to 50 mid and large-cap stocks, with put options giving protection […]

Lehman Brothers confirms another 200 UK job cuts

Lehman Brothers has confirmed that it will be cutting a further 200 jobs across its UK mortgage capital business, affecting lenders SPML and Preferred.A spokeswoman for the bank would not comment further on the future of the two brands but says that it is continuing to offer mortgages under its brands.She says that Lehman Brother’s […]

Flight attacks Government over entrepreneurs

Former Conservative Shadow Treasury chief secretary Howard Flight has criticised the Government for pushing entrepreneurs out of the country.Speaking at the Enterprise Investment Scheme Association awards last week at the House of Commons, Flight said overspending and increased taxation have resulted in lower productivity growth for the British economy. He said it is entrepreneurs who […]

LV= in £1,000 pledge on delayed lump sums

LV= says it is the only provider to pay compensation to consumers who do not receive their tax-free cash within seven working days on its income drawdown plans.The mutual is guaranteeing that pension lump sums will be paid within seven working days or £1,000 compensation will be paid to pensioners.This is a fourfold increase on […]

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]


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