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FSA takes a new view

The FSA has broken the habit of its not very long lifetime and criticised some aspects of Government policy, notably the pension credit, while warning about an extension of product regulation.

It has also tried to foresee many problems associated with decumulation products – annuities, drawdown and equity release – although, on the drawdown issue, the FSA is still addicted to finding IFAs guilty until proven innocent.

The regulator is a long way from coming of age, particularly as it firefights the various problems with Equitable Life, endowments and split caps. But if it is to become a body that can proactively anticipate future regulatory problems while being prepared to point out unpalatable truths to the Government, then it has made two steps in the right direction.

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