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FSA criticised for poor handling of Equitable debacle

The FSA has been strongly criticised for its poor handling of the Equitable Life affair by the report looking at its role in the debacle.

The report conceded most of the problems which led to the decision by the life office to close its doors to new business last December occurred before the FSA was handed responsibility for regulation of the life industry.

FSA director of internal audit Ronnie Baird, the author of the report, pointed to failures in communication between FSA departments, specifically the conduct of business and the prudential supervision.


Close to the hedge

NIB International is adding to the hedge fund market with its optimum return fund.The fund is an Oeic based in the Isle of Man. It is aimed at two types of investor. The first is the experienced, sophisticated high-net-worth investor with at least $25,000 to invest and who is comfortable with a high-risk investment. The […]

Norwich Union travels with cashplan

Norwich Union has introduced its individual cash plan, a healthcare cash plan that offers cash benefits towards the cost of travel vaccinations.The cash plan has five levels of cover available to single people, couples and families, including lower premiums for single parents. Premiums for single people range from £6 to £30 a month. Couples pay […]

Business model lets clients choose the service they want

Philip Thomas should check the definition of a bucketshop as one definition is an “unregistered firm of stockbrokers that engages in fraudulent speculation”. This would suggest his comments about Hargreaves Lansdown are libellous (Money Marketing, October 11).Mr Thomas continues to display a total lack of understanding of the Hargreaves Lansdown business model. It is perfectly […]

CML in legal warning to firms over monitoring

FSA mortgage regulation which encourages lenders to outsource their monitoring requirements would be open to legal challenge at “each and every stage”, claims the CML.In a letter to FSA head of mortgage regulation Sarah Wilson, CML director general and ex-barrister Mich-ael Coogan claims an outsourced body would face significant legal risks under enhanced human rights […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


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