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FSA staff who move to new body won’t get bank pensions

FSA chairman Adair Turner has confirmed that FSA staff moving across to the new prudential authority will not be included in the Bank of England’s pension scheme.

The Government announced last week that the FSA is being transformed into a new prudential authority, which will be a subsidiary of the Bank of England. A new body, the Consumer Protection and Markets Authority, will regulate all authorised firms.

Speaking last week at the FSA annual public meeting, Turner said the new body will operate autonomously with its own pay and pension arrangements, separate from the Bank of England.

Many Bank of England staff have a final-salary pension scheme, which closed to new members in September 2007. The bank now offers a career-average pension scheme to staff. On April 1, the FSA stopped all future accruals to its staff final-salary pension scheme. The scheme has been closed to new employees at the regulator since June 1998 when the FSA was set up and was replaced by a moneypurchase scheme.

A large proportion of FSA staff likely to be affected by the move are former Bank of England employees.


Gartmore shuns gilts in favour of strategic bonds

Gartmore’s multi-manager team says it prefers strategic and pure corporate bond funds to Government bonds, even though gilts are seen as a safe haven. The team believes UK Government bonds are slightly more attractive than European government bonds but not attractive enough to invest in, so its multi-manager funds have no exposure to gilts. According […]


FSCS cross-subsidies remain crucial, says Aifa

Aifa has argued that the cross subsidisation of providers as part of the Financial Services Compensation Scheme “remains crucial” to consumer protection. The Government published a consultation on financial regulatory reform today which suggests that cross-subsidies for different classes of levy payers may come to an end. This is because the Consumer Protection and Markets […]

Neptune Global Income: Is Japan the best dividend market in the world?

By George Boyd-Bowman, Fund Manager at Neptune The Neptune Global Income Fund seeks exposure to the very best – and often overlooked – income opportunities from across the world. Unconstrained by benchmarks, the fund currently has 24 per cent invested in Japan, differentiating the high conviction portfolio from many of its peers. Watch Neptune Fund […]


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