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Fidelity call to scrap Sandler suite cap

Fidelity is urging the Government to scrap plans to impose a price cap on the stakeholder suite of savings products, arguing that it should abandon efforts to dictate to the market.

Managing director Richard Wastcoat says investors&#39 needs are too complicated for Ron Sandler&#39s “simplistic solution”, which it warns could leave the Government facing ano-ther misselling scandal.

He says that as most investment products are sold, not bought off the shelf, providers require more flexibility.

Instead of the cap, Wastcoat says the Government should put its faith in the “tried and tested” method of a broad and competitive range of goodvalue investment funds. He agrees with the Treasury select committee&#39s assertion, made last week, that by lowering Isa limits in the 2006/07 tax year, the Government is sending out the wrong signals to investors when it has pledged to close the savings gap.

Wastcoat says: “We have repeatedly argued that inv-estors&#39 needs are too complicated for Sandler&#39s simplistic solution. Investors need information and advice on where to invest. When it comes to the 1 per cent price cap, the Government has yet again missed the mark and could end up with another misselling scandal in years to come.”


FSA selects XBRL for electronic reporting

The FSA has picked Xtensible Business Reporting Language as the blueprint for the set of electronic reporting standards it will develop, opting for XBRL over Origo. XBRL is an electronic messaging system used by accountancy groups worldwide which condenses complex financial data. Starting from 2005 with a phased introduction until 2007, regulated firms will report […]

Cable quizzes Brown over mutual support

Liberal Democrat Treasury spokesman Vincent Cable is tabling a question to Chancellor Gordon Brown this week on whether the Government will continue to support mutuals following the recent turmoil surrounding Standard Life. Cable believes Standard&#39s decision to consider demutualisation has clouded the deb-ate on whether mutuals remain a viable proposition and whe-ther they contribute to […]

Seminars on pensions simplification from James Hay

James Hay Consultancy is running a series of free seminars on pension simplification for IFAs starting on February 4 in London.The seminars will examine small self-administered schemes in the future, the outlook for funded unapproved benefits schemes, and the way director&#39s pensions schemes will be affected by the Government&#39s proposals.JHC managing director Ian Hammond and […]

Out of context

•”Fortunately, FSA does not stand for Food Standards Agency or we would have all been poisoned a long time ago.” – Carpetbagger David Stonebanks in an email to Standard Life policyholders. •”With-profits is like a condom. It offers less protection than you think and gets in the way of the key objective.” – Syndaxi director […]

Protecting long-term savings from short-term policy

By Jamie Clark, Business Development Manager The pensions revolution is almost upon us. As with any revolution, there will be winners and losers. The winners in this case could presumably be the politicians that orchestrated pensions freedom and choice just before the general election. As for the losers, there may be many thousands of people […]


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