View more on these topics

Euro threat is hanging over us, says Thoresen

Aegon UK chief executive Otto Thoresen says Mifid is a massive threat hanging over the financial services industry and providers and advisers cannot bury their heads in the sand.

At the Money Marketing Live roadshow in Manchester on Tuesday, Thoresen claimed Mifid represents a potential threat to the UK by restricting the steps that can be taken to reshape the regulation of the market to reform the current distribution model.

Thoresen said: “We are trying to make the European Commissioner understand that by constraining the selling side of the system you constrain the ability to achieve your objectives. There is a European threat that hangs over us. We cannot keep our heads down and hope it goes away.”

He proposes several solutions to fix the UK’s distribution model including the introduction of what he referred to as “appropriate regulation” but said Europe’s idea of appropriate regulation was more stringent than the UK’s.

In a meeting with Thoresen, the European Commissioner said that although the regulatory system in the wholesale market was good, the retail system was under-regulated.

Thoresen said Equitable Life remains a big issue for the European Commissioner in Brussels because it proved the UK’s solvency regulation was not robust enough at the time.

The European Parliament Committee which is investigating Equitable Life said UK regulation had been “light-touch” at the time of the Equitable crisis and that it was looking to see whether this had contributed.

Thoresen said: “For them, Equitable Life remains an issue because of what it tells you about solvency and solvency regulation in the UK.”

Recommended

Newcob means further RU64 delay

The FSA’s Newcob consultation has outlined a further delay to a decision on the future of RU64 until early next year as long as sufficient detail about personal accounts is known by then.

Aegon plans to target SMEs in bulk annuities market

Aegon is entering the bulk annuities market and will target closed defined-benefit pension schemes in smalland medium-sized companies by spreading the cost of buyout over a number of years. The life office says it is the first to offer a phased-fund approach for smaller schemes in the bulk annuities arena, enabling employers to gradually reduce […]

Punter Southall to buy Opus

Punter Southall Financial Management has acquired Opus Consulting for an undisclosed sum. The deal, which is subject to necessary regulatory approval, is expected to be completed by December.Punter Southall Financial Management managing director Paul Johnston says: “The key driver behind this acquisition is our firm belief that the combined talents of our two organisations will […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com