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Financial Services and Markets Bill given kiss of life

The Financial Services and Markets Bill has been given a kiss of life after the Tories conditionally agreed to it roll it over into the next legislative session.

The Conservatives allowed the bill to go before the house next term only if the Government seriously considers making amendments to curb FSA powers.

They say those charged with serious regulatory offences will not have sufficient scope to defend themselves adequately and believe the FSA will have too much power to scrutinise senior City appointments.

But Tory support for the bill has enraged Justice in Financial Services director Joe Egerton who believes the party is supporting a bill which fails to defend the freedom of individuals.

Egerton says: &#34We will be looking to appoint a &#34real Conservative&#34 candidate at the Kensington and Chelsea by-election.&#34


Scottish Widows new business up 44 per cent

Scottish Widows&#39 new business has leapt 44 per cent for the first nine months of the year it announced yesterday.The life office which is being bought by the Lloyds TSB group says equivalent premium income was up to £379m for the year compared to £262m for the same period last year.Life products jumped 37 per […]

ICS to allow claims against eight investment firms

The Investors Compensation Scheme has announced that customers of eight former investment firms can now claim compensation for their losses.The firms involved are UK & Overseas Management of Barwell Leicester, SA Robertson & Company of Kirkintilloch Glasgow, PGL Insurance Consultants of Portsmouth, Milton Financial Services of Sleaford Lincolnshire, Lawrence Davis Associates of Dalkeith Midlothian, KA […]

Abbey Life on random recruitment drive

Abbey Life has resorted to mailing random members of the public, including a member of IFA Promotion&#39s team, to offer them jobs as commission-only direct salespeople.The troubled life office believes this recruitment strategy will help revive its fortunes which have been flagging since it suffered a massive increase in liabilities last year brought about by […]

Insurance brokers to get new set of rules

General insurance brokers will need to have professional indemnity insurance of at least £1m according to the industry&#39s new regulator.The industry&#39s self regulatory body, the General Insurance Standards Council says intermediaries will not be allowed to mix customer monies with their own and must maintain solvency at all times.The proposed rule book was published today […]


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