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FSA backs IMD review

The FSA has underlined its commitment to the European Commission&#39s review of the insurance mediation directive, saying it will be standing up for greater flexibility.

FSA sector manager (retail intermediaries) Paul Rich told Money Marketing that the review, scheduled for April, is important not just to help intermediaries but for the long-term state of the market.

He is keen that the review should acknowledge the viability of intermediaries using capital as well as professional indemnity insurance to meet their liabilities.

Rich says the FSA will work on the review with the Treasury, trade bodies and their European counterparts. He says a positive side of the IMD is that it will start to help with transparency, pointing in particular to general insurance broking where he admits there is an issue around PI commission pricing.

Rich says: “The use of waivers and capital adequacy is an acceptable alternative to PI. We have seen no problems with it so far. Therefore, if it works, shouldn&#39t other countries have the advantage of it? We will do our best to represent how greater flexibility can be good but it will be difficult.”


Taskforce finds growing apathy on staff schemes

Employers are turning their backs on defined-contribution schemes because staff are no longer interested in them, warns Sir Peter Davis, chairman of the Employer Task Force on Pensions. The former Sainsbury&#39s chairman says there has been a profound change in attitude by employers on pensions which is structural rather than cyclical. The employer-led body has […]

£290k fine for Sesame over pension unlocking

Mega-network Sesame has been fined £290,000 by the FSA for pension unlocking. Sesame has been fined for serious failings in its supervision of Regal Partners Financial Planning Ltd which had advised customers to release cash early from their pensions. The advice given potentially affected about 3,205 customers between August 1999 and May 2001 The FSA […]

Replacement demanded for &#39failed&#39 stakeholder

Shadow Pensions Minister Nigel Waterson has slammed stakeholder pensions as a dismal failure and called on the Government to provide a wrapper that the industry can work with. Speaking at the B&CE fringe meeting at the Conservative Party conference this week, Waterson said the collapse of the savings culture has contributed significantly to stakeholder&#39s downfall. […]

Ruffer hits £1bn mark

Investment manager Ruffer has reached £1bn funds under management.The discretionary portfolio management service for private clients, trusts and pension funds topped the £1bn marker in its 10th anniversary year.It has an absolute return investment style and has attracted business from quasi-institutional clients.

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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