View more on these topics

FSA blocks M&E cash injection

IFAs could be left in funding limbo after the FSA blocked a

consortium of providers from buying stakes in Tenet-owned M&E

network by invoking its better than best rules.

The consortium, which inc-luded Norwich Union, Scottish Widows and

Friends Provident, applied for a waiver for exemption from the better

than best rules but were turned down days before the FSA pledged to

scrap them last month.

The providers believed they could be granted special permission by

the regulator on the grounds that each of them was buying a small

stake on an individual basis. But the FSA&#39s decision resulted in the

consortium pulling out of the deal, which they had spent around seven

months setting up.

NU has approached the FSA for clarification but says it was told the

rules would continue to apply despite its intention to ditch them. NU

says the decision is shortsighted and could scupper more deals as a

backlog is created.

Director of IFA development David Barral says: “The FSA&#39s position

has challenged a number of deals we have been involved in. It has

created problems but the feedback from them is that the rules are the

rules and that is it.”


Europe steps up tempo

One of the consequences of the raucous debate on the euro is thatother equally ambitious developments coming out of the European Unionare being overshadowed. For instance, as a step on the path toEuropean integration, the EU has set itself the bold and ambitioustarget of having a single market for financial services by 2005.The previous guiding […]

South-west manager for Pink Homes Loans

Pink Home Loans is appointing Andy Keen as business development manager for the south-west region. Keen joins a team of five other business development managers headed up by national sales manager, Mike Mitchell. He will be responsible for developing business in the south-west region including Bristol, Bath, Bournemouth and Wales. Keen was formerly a broker […]

Consumer protection to the fore

Something quite extraordinary happened to the mortgage market in lateDecember which cast a shadow over the New Year for many mortgageadvisers.The Treasury&#39s surprise announcement that mortgage intermediaries andadvice are to be statutorily regulated under the FSA has sent manyinto a spin.I do not believe that the decision to regulate mortgage advisers isat all a negative […]

GPPs leading the way for Scot Life

Scottish Life&#39s business shot up by almost a quarter in 2001, drivenby an increase of more than 70 per cent in group personal pensionsales.Overall business rose to £170m from £137.2m in 2000 on anequivalent premium income basis, with group personal pension sales upby 71 per cent to £37.5m from £21.9m.Sales of group pensions jumped by […]

Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.


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