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.”
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 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 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 […]
Unity Home Loans
Prime Buy To Let 2 Year Tracker
Click link to view full video Portfolio manager Aziz Hamzaogullari talks about the unique style he brings to growth investing, shares examples of companies that meet his growth criteria and explains the importance of fundamental research in a concentrated fund.
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
A decade ago, I went through the pain of switching utility providers. Deterred by a catalogue of errors, it is only recently, after a house move, that I tried again. I was pleasantly surprised by how easy it was. It has made me think about how complex and expensive it is to switch in financial […]
It has never been more important to encourage saving. But advisers know only too well how challenging the complexities of the UK savings and pensions landscape make it for people. Any trends towards simplification would be welcome, but unfortunately recent developments have moved in the opposite direction. Take Isas, for example. Their simplicity has always […]
The FCA has confirmed it will consider if there needs to be better guidance around when it and the Financial Ombudsman Service can share information ahead of the FOS making its final decision. In a Complaints Commissioner final report, published on its website yesterday, commissioner Antony Townsend invited the FCA and FOS to discuss when […]