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EU stands by pledge to stem new regulation

The European Commission is standing by proposals to vet new rules thoroughly and stop a wave of new regulation hitting EU financial markets over the next five years.

In its long-awaited white paper outlining the EC’s regulatory priorities until 2010, the commission pledges to deploy open, transparent policy-making and impact assessments before introducing new rules.

The paper also stresses the need for a legislative pause following the recent wave of regulation driven through by the EU’s financial services action plan, including mortgage and GI regulation. It rules out introducing new regulation for rating agencies and financial analysts.

The proposals, first outlined in an EC green paper earlier this year, have been received warmly by the industry. The FSA has also been openly critical of the EC’s failure to assess the high costs of the forthcoming markets in financial instruments directive.

FSA spokesman Robin Gordon-Walker says: “We welcome the commitment to carry out impact assessments and modify or repeal those proposals that do not work. These commitments were not under-taken before the other FSAP rules came into force.”


‘Turner misrepresenting US thrift system figures’

Standard Life head of pensions policy John Lawson believes Lord Turner is misrepresenting the charges on the US federal thrift system, one of the inspirations behind his National Pension Savings Scheme. Lawson says figures taken from the US model in the Pen- sions Commission’s report are misrepresented and misleading. Turner’s report says the federal thrift […]

Friends and HBOS invest into Thinc Destini

Thinc Destini has been valued at 109m following a multi-million pound investment by financial services insititutions, including Friends Provident and HBOS.Prudential has also backed the firm by providing a financial support package which Thinc Destini says will “revolutionise the way we buy our financial services.”Annual turnover is currently at 45m.Thinc Destini group chief executive Simon […]

Fair trade

Treating customers fairly has become one of the main drivers of change in our industry during the last 12 months for all the right reasons. There is considerable variation in what different parts of the community see as the behaviour to treat customers appropriately.

AITC welcomes move to introduce Reits

The Association of Investment Trust Companies is welcoming the Chancellor’s decision to introduce Reits in next year’s Finance Bill. It says it hopes the proposals will follow the AITC’s recommendations for a simple and flexible structure which offers easy access to the asset class for retail investors.


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