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FSA: All change for with-profits

January 1, 1999: FSA assumes responsibility for prudential regulation of the life insurance industry.

December 2000: Equitable Life closes to new business.

February 2001: FSA announces with-profits review.

October 2001: Baird report into FSA&#39s handling of Equitable Life says regulator “could have done better”.

February 2002: FSA tells firms to be more open on WP.

March-September 2002: Tiner project creates “smarter, simpler regulation of insurance”.

April 2002: Tiner says he sees a future for “new WP” but wants to see management improve in the industry.

May 2002: FSA unveils plan to reform WP fund regulation.

June 2002: FSA&#39s WP review chief Eleanor Linton says there is no future for the with-profits name.

July 2002: CP144, A new regulatory approach to insurance firms, sets down guidelines regarding insurers&#39 financial strength.

July 2002: Sandler review proposes new model for WP.

February 2003: FSA looks to apply Sandler&#39s recommendations to WP.

May 2003: FSA concedes there would be difficulties extending Sandler&#39s WP reforms across the industry.

December 2003: Mutuals win reprieve when CP207 proposes allowing mutuals to use orphan assets to grow new business.

January 2004: FSA begins negotiations with life insurers over implementation of its WP reforms.


Pivotal is adding pension for Mom

Investment platform Pivotal is adding a personal pension plan to its UK offering, extending access to its MLC manager of manager investment process.Pivotal was established in the UK in March 2003 by National Australia Bank. It says this is the first time the Australian MLC Mom process has been available through a pension wrapper in […]

Shake a legacy

Legacy life and pension portfolios stretch a long way into the future and most are still maintained on the systems in use when they were issued. Old world administration is leaking cost and legacy systems have been highlighted as a barrier to the change necessary to compete in the new world. Providers clearly need to […]

Laundry lapses cost Bank of Scotland £1.25m fine

The FSA has fined Bank of Scotland £1.25m for failing to keep proper records of customer identification for money-laundering rules.An FSA investigation confirmed weaknesses in BoS&#39s record keeping systems and controls across its retail, corporate and business banking divisions.The FSA says in over half the sample of accounts it tested in late 2002, BoS had […]

Charcol launches two year discount capped at 4.49 per cent

Charcol is launching an exclusive 1.7 per cent discounted mortgage (current rate 3.99 per cent) to 1st March 2006. The product is capped at 4.49 per cent. Maximum loan to value on the product is 95 per cent and it is MIG free to 90 per cent. The lender fee is £300, and the product […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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