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FSA leading contender to take on Opra role

The FSA is understood to be the front runner to take over responsibility for employer-sponsored schemes from Opra, Money Marketing has learned.

Industry sources say the FSA is set to extend its domain by becoming the New Kind of Regulator first mooted by Alan Pickering in his pension simplification report which is under consultation as part of the Department for Work and Pensions&#39 Green Paper.

But Opra denies it is set to be absorbed into the FSA, which refuses to comment.

Such a decision would mark a U-turn for the DWP which supported continuing separation of the FSA and Opra in a review last year.

The FSA is already understood to be planning to bring several members of Opra&#39s staff on board to counter industry concerns that it lacks the experience and resources to administer occupational pensions at a time when schemes are experiencing record levels of underfunding.

A DWP spokesman says: “Until the end of the Green Paper consultation, we cannot comment.”

Newman Houghton & Co consultant David Brunning says: “I know Opra is going but it does not have to be replaced by a rulebook-thumping body like the FSA. I would rather see a new body with a similar philosophy to Opra, driven by principles rather than policy.”


Suckling Waddington

We would like to confirm that the IFA firm which was reported in last week&#39s issue of Money Marketing to have been struck off by the FSA for failing to satisfy its financial resources is Suckling Waddington & Partners Ltd of Crafton House, Alcester, Warwickshire. This firm has no relation to Suckling Waddington & Partners […]

Don&#39t get too fixed on the short term

Much is being reported about the seemingly unstoppable increase in popularity of fixed-interest investments such as corporate bonds and gilts.Presumably, this is mainly down to advisers recommending them as an alternative to equities. This is a dangerously short-term approach and may lead to more upsets, given that the present stage in the price cycle of […]

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Research warns of costs on high-turnover funds

Investors in funds with high trading levels face losing up to 9 per cent of the performance through expensive dealing costs, according to research by Fitzrovia International. The fund research company has found that portfolio turnover – the degree of buying and selling that a fund has undertaken in a year – can be as […]


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