View more on these topics

FSA must lead by example to reveal its Equitable role

Before it has reached the N2 starting line, the FSA is in crisis.

It is now time for some uncharacteristic bravery from Canary Wharf.

It will be difficult to shake the association with Independent and

Equitable Life. As every player in financial services knows, if you give a

dog a bad name, it tends to stick. In this case, the reputation may be


The FSA chairman came very close to advising Equitable policyholders when

he told them they might be better off waiting for a deal. IFAs will find

this particularly galling because, in its dealings with them, the regulator

appeared to assume that IFAs had to be stopped from profiteering rather

than aided in their efforts to help existing clients and newly created

Equitable refugees.

The FSA must now detail its role with all the transparency it is demanding

of the industry and if officials are found negligent they should resign.

It must also be prepared to examine the debacle in its full context. Any

brave regulator would admit how well IFAs have done in coming to the rescue

of many Equitable clients and, more important, ask if a multi-tied

environment would provide such a robust check on other providers.

A brave regulator would also tell the Government that its stakeholder

pension risks creating several more Equitables as it forces medium-sized

providers to do unprofitable business for the next decade. It is difficult

to see how existing policyholders will not suffer detriment.

Finally, it should learn to trust IFAs precisely because they are



Industrial focus for iShares

iShares has introduced the iBloomberg European industrials fund.Created as an exchange-traded fund, it is aimed at experienced investors. The aim of the fund is to provide long-term growth by tracking the recently created Bloomberg European investible industrials index. The fund will be managed by Barclays Global Investors.The Bloomberg European investible industrials index includes companies that […]

Marketplace offers stepped buy-to-let product

The Marketplace at Bradford & Bingley is rolling out a buy-to-let stepped discount mortgage offering an initial rate of 5.65 per cent. Financed by Bristol & West, the interest rate of the loan increases by 0.1 per cent in the second year and by 0.15 per cent in the third, giving borrowers a rate of […]

Buy to let booming, says Midshires

Becoming a private landlord is becoming increasingly popular andbuy-to-let borrowers want to buy more properties, according to researchfrom Birmingham Midshires. A survey of Midshires&#39 buy-to-let mortgage customers revealed 79 per centwould consider adding to their property portfolio. Of this 79 per cent, 64 per cent said they would ideally like between twoand 10 properties. Overall, […]

Platform broadens fixed rate range

Platform Home Loans is looking to the adverse credit market with the introduction of the one-year fixed rate mortgage.Platform specialises in the adverse credit market, which is made up of people who are unable to get a mortgage from a mainstream lender as they have had trouble paying their mortgage in the past, have levels […]


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