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FSA and OFT publish guidance on short-term income protection

The FSA and Office of Fair Trading have jointly published guidance on short-term income protection products and debt waivers to try and ensure there is no repeat of the payment protection insurance misselling scandal.

Both bodies have issued the guidance after learning that some providers are looking to create new forms of protection which act in a similar way to PPI. The FSA says providers should “take steps to identify a target market” when designing a product, using data and research on similar insurance products and must ensure that those without an income or a need for such insurance are excluded from the target market.

The guidance says: “Provider firms should take active steps to ensure that, as far as possible, the target market is tailored to exclude customers who would be unlikely to experience positive outcomes if they bought the product.”

Plan Money director Peter Chadborn says: “There is a place for these products so it is good now we have guidance for them, as it will distance them from PPI in the eyes of the public.”


Invesco Perpetual appoints Bower as head of marketing

Invesco Perpetual has appointed Blackrock head of Emea marketing David Bower as head of marketing for the Emea region. Bower will have responsibility for the development and management of all marketing capabilities across the Emea region and will report to head of distribution Ian Trevers. Prior to Blackrock, Bower was Barclays Global Investors country marketing […]


FOS complaints jump by almost a third

Complaints to the Financial Ombudsman Service for the financial year to date are already 29 per cent higher than the number of complaints received for the full 2011/12 financial year. Protection, pensions and portfolio management complaints for the year to date have also exceeded the number of complaints received for each product type for the […]

F&C reports £4.9bn outflows led by Friends Life withdrawals

F&C has reported a net outflow of £4.9bn in the final quarter of 2012 led by withdrawals from its strategic partner business and outflows from its cash management and government bond mandates. The group announced a £3.6bn outflow from its strategic partner business, led by a £2.4bn withdrawal of fixed income assets from Friends Life. […]

Tesco Bank launches five-year fix at 2.89%

Tesco Bank has relaunched its mortgage range and now offers a five-year fixed rate up to 70 per cent at 2.89 per cent. It has also launched a two-year fixed rate at 2.28 per cent up to 60 per cent LTV. Both the two and five-year deals have a £1,300 product fee and a £195 […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]


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