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FSA sets misselling review deadline

The FSA has set a final deadline of June 2002 for the remaining pensions misselling review cases to be cleared up, according to the Financial Times.

The report says there are more than two million outstanding cases which are expected to be finished by this date, at a total cost to the industry of £11bn.

The deadline applies to all phase two cases involving younger pension planholders, and reviews deemed less urgent than those covered under phase one.

The FSA says its television advertising campaign on phase two identified one million potential misselling cases.

But it believes this could grow to by further million once pensions providers and advisers finish trawling through their files.


Societies&#39 mortgage lending soars as rates fall

Building society gross mortgage advances have increased for the secondconsecutive month, rising to £2.66bn in June from £2.37bn in May.The Building Societies Association says the rise is due to mortgage ratesbeing at their lowest levels for 30 years. But it stresses the market isnot gearing up for a 1980s-style housing boom, dismissing fears ofoverheating and […]

Advice could be built into stakeholder pension charges

Stakeholder pension provider could be allowed to exceed the 1 per cent annual management charge according to a report in today&#39s Financial Times.The paper says providers will be able to charge a higher fee if the product includes detailed advice. The charge will take the form of an upfront fee.The FT says the stakeholder pension […]

FSA and Treasury unhappy with OFT report

The FSA and the Treasury are believed to be unhappy with the Office of Fair Tradings report into polarisation according to a report in the Financial Times today.The FT says the implementation of the OFT&#39s recommendations could be delayed as a result.It says Government officials believe the OFT has misunderstood the effects of the recommendation. […]

Scottish Equitable highlights the need for stakeholder advice

Scottish Equitable believes professional advice is the only means to absolve employers from liability should their chosen scheme underperform.The life office says there is a general reluctance among employers to be held accountable should a stakeholder scheme underperform.In its response to the second stakeholder consultative brief, Scottish Equitable is calling for the Government to encourage […]

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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