View more on these topics

FSA panel wants DTI and Treasury probed

The Treasury select committee inquiry into Equitable Life&#39s closure must not limit its investigation to the role of the FSA but include Government departments, says the Financial Services Consumer Panel.

Chairman Colin Brown has written to the Parliamentary committee expressing his concern that the inquiry will only cover the period since 1999 when the FSA took over.

The Labour-majority committee will hold an inquiry next week into the events leading up to Equitable&#39s closure to new business, questioning management and FSA chairman Howard Davies.

But Brown wants the committee to investigate the DTI and the Treasury&#39s role. He is concerned that statements by Treasury economic secretary Melanie Johnson continually refer to the internal FSA inquiry, which is only examining its own role. He does not want the committee to fall into the trap of ignoring earlier events.

Brown&#39s letter says: “There is a serious gap in the scrutiny of the events that led up to Equitable Life&#39s closure. The panel&#39s view is that this omission is likely to lead to an incomplete analysis of the causes of the crisis.”

Committee member Labour MP Jim Cousins says: “I hope that Martin Roberts, who has been the chief regulator at the DTI, Treasury and FSA, will appear before the committee next week.”

Recommended

Peter Davies leaves Merrill Lynch UK Dynamic Fund

Peter Davies is resigning as manager of Merrill Lynch UK Dynamic Fund only three months after its high profile launch. Institutional manager Stuart Roden is leaving with Davies, who is believed to be setting up a hedge fund. The resignation comes at a difficult time for Merrill Lynch who have made the UK Dynamic Fund […]

Tax experts warn IFAs to tread carefully over IR35

IFAs have been warned to beef up their fact-finds or risk misadvising self-employed clients under new tax rules, according to tax experts. Tax specialists Taff Associates has warned that, under the new IR35 regime introduced last month, small to medium enterprises such as IFAs are vulnerable to criminalisation if they make mistakes on tax return […]

Old Mutual spreads its bets on smaller companies

OLD MUTUAL UK Select Smaller Companies Trust Aim: Growth by investing in a portfolio of companies in the UK smaller companies market. Minimum investment: Lump sum £1,000, monthly £50. Investment split: Any proportion of 50-60 companies in the UK smaller companies market. Isa link: Yes. Pep transfers: Yes. Charges: Initial four per cent, annual 1.5 […]

Johnston to run new LeggMason VCT fund

LeggMason Investors is to launch its new Aim VCT on February 26, to be managed by star small-cap manager John Johnston. The fund is looking to raise £30m over the next four months, with offer periods in both this tax year and the next. The offer period for the current tax year will close on […]

A tough start for 2017 consensus trades

By Kacper Brzezniak Every year, starting around November, investment banks (and fund managers) begin to drip out their outlooks for currencies, rates, economies, you name it, for the following year. The consensus has been largely wrong for the past four or five years; those multiple rate hikes never came, the bond market is still alive […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com