View more on these topics

FSA Act is facing last-ditch battle in Lords

The Financial Services and Markets Act may still come under attack from

Tory peers despite receiving Royal Assent last week.

The legislation which underpins the FSA, may become the first major piece

of legislation to have its fine print challenged in the House of Lords.

Tory peers do not rule out contesting the Act&#39s secondary legislation

which sets out how the Act is implemented and will cover the day-to-day

running of the regulator.

This legislation normally goes through on the nod.

Political commentators believe the Tories will break with tradition

because the House of Lords has been reformed and is no longer bound by past


They also believe the Tory leadership in the Lords is upset about the

tactics used by the Government to push through the Act in its final stages,

including putting down hundreds of amendments at the last possible moment.

In the past, the Tory leader in the upper chamber, Lord Strathclyde has

said under some circumstances his party would have no problem breaking with

this tradition and challenging the Government.

A precedent was set when the Government tried to fasttrack secondary

legislation for the election of London mayor which was opposed.

A political commentator says: “The Tories have a compelling argument that

says all traditions died with the reformation of the House of Lords. The

Act is a major piece of legislation in terms of the impact on the financial

services community. The Tories could use the Lords to continue the debate

and challenge some aspects of secondary legislation.”

A Conservative Party spokesman says: “No decision will be made until we

see what secondary legislation the Government will come up with.”


Spread the word

What’s the aim?To help IFAs maximise employee take up to a company pension scheme. The professionally produced material helps IFAs communicate to employees the benefits of joining their company pension scheme.Target audience?EmployeesWhat’s the detail?The futurePROOF ‘Spread the word’ pack contains the following communication material: a video aimed at company employees a CD-ROM including copies of-– […]

Not everyone wants vanilla

“Forecasting,” a company chairman once remarked, memorably, “is adifficult business, especially with regard to the future.” I know how hefelt. At regular intervals, our industry is regaled with predictions ofboom, bust and much else besides. The stakeholder story has increased thedecibel lev-els and the air has been thick with the sound of axes –industrial and […]

Law firm targeting IFAs with partnership deal

Chancery Law Group is setting up Partnership for Profit, a legal supportservice aimed at opening new business opportunities for IFAs.The firm hopes the service will create a legal platform for IFAs to helptheir clients get to grips with legal financial planning issues, includinginheritance tax.Chancery Law hopes advisers will pass on details of the firm to […]

Stakeholder is stoking GPPs

Now that we have the final DSS stakeholder regulations it is possible tostart drawing conclusions about the relative attractions of stakeholder andgroup personal pensions from the viewpoint of a small or medium-sizedemployerIt is hard to escape the conclusion that stakeholder is loaded up withhassles for smaller employers.Hassle number one is with-profits. Given the Government&#39s target […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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