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First FSA fine for cold-calling

The FSA has fined Capital Mortgage Connections £17,500 over cold-calling after finding that 85 per cent of CMC’s business was generated this way. This is the first time it has taken action over cold-calling.

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BBA questions TSC findings

The British Bankers’ Association has questioned the Treasury select committee’s belief that poorer customers are finding it hard to open bank accounts.The second part of the TSC’s financial inclusion report found that certain banks treat low earners as second-class citizens- for example by not allowing basic account holders access to branch counters- and such customers […]

Actuaries to review new rules after inconsistencies emerge

Pension providers have been advised not to change their systems to comply with new rules for statutory money-purchase illustrations after The Actuarial Profession admitted that they are inconsistent with FSA rules on point-of-sale forecasts.The rules concern paragraph 11.2.2. in technical memorandum 1.2. drawn up by The Actuarial Prof- ession.This relates to the change in assumed […]

Scottish Life aims at DB outsourcing

Scottish Life is targeting the defined-benefit outsourcing market with a suite of services.The core proposition will comprise actuarial, administration and documentation services, with firms able to bundle in additional services such as specialist accounting and investment management.Head of corporate business Mark Polson says the plan is designed to bridge the gap between self-administered schemes and […]

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