View more on these topics

FSA in power by July?

D-day for N2 when the regulator gets its full powers is widely expected to be autumn 2001 contrary to the summer deadline the FSA is working towards.

Last July, the Treasury announced that the implementation of the Financial Services and Markets Act N2 was being delayed until July this year due to the vast amount of secondary legislation but says it will be announcing the date in the spring.

But the industry doubts the July target for the FSA gaining full power is achievable, believing it will slip back to later in the year.

Aifa director of policy and technical services Fay Goddard says changing regulator from the PIA to the FSA is unlikely to lead to fundamental disruptions and says Aifa is using its involvement in the consultation process to ensure an improved environment.

Goddard says: “Everyone is hoping for a smooth transition and would rather have the opportunity to get used to the new system than have it rushed through.”

Recommended

US rate cut boosts UK markets

Equity markets have responded well to yesterday&#39s surprise half point cut in US interest rates. Technology, media and telecoms sectors pushed the FTSE 100 up more than 155 points in the first 10 minutes of trading today. US chairman of the Federal Reserve Alan Greenspan made the rate cut ahead of the scheduled meeting of […]

Anger as Govt drops bill to stop insurance tie-ins

Consumer groups and IFAs are attacking the Government for quietly dropping proposals to prevent mortgage lenders from penalising borrowers with compulsory insurances. In a White Paper in 1999, Trade Secretary Stephen Byers pledged to shake up the existing system so that lenders could no longer handcuff mortgages to mandatory protection products. But the bill was […]

PIA expels Kendall White and Company

The PIA has expelled Wolverhampton firm Kendall White and Company Limited because it no longer meets its financial resources requirement. The firm, of Oriel Lodge, 796 Stafford Road, Fordhouses, Wolverhampton, went into administrative receivership on November 29, 2000 and was expelled yesterday after investors lodged claims with the Investors Compensation Scheme, which declared the firm […]

Falcon Group strengthens management team

Falcon Group has appointed Louise Whelan as head of professional standards. Whelan remains as company secretary. Sophia Forsey has been promoted to succeed Whelan as compliance manager. The Bristol-based IFA which manages over £250m of investments will be announcing further appointments in the new year to assist in planned future acquisitions. Falcon Group managing director […]

Pensions - thumbnail

Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment