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FSA throws new light on financial healthcheck

The FSA has unveiled plans for a CD-Rom-based generic financial healthcheck to help consumers make decisions ranging from whether they should save for a washing machine to increasing pension contributions.

At a Treasury seminar this week attended by providers, trade bodies, IFAs and representatives from the voluntary sector, FSA managing director John Tiner said the regulator is consulting on the potential for the tool to improve consumer financial understanding.

Designed by software provider MPower, the CD-Rom would be led by traffic signals, with consumers faced with red, amber and green lights depending on what action they should take.

It would be available to providers and IFAs, voluntary bodies, employers and the public and offer generic advice on a range of financial matters from managing credit card debt to planning for retirement. Users would be taken through a series of questions aimed at prioritising their finances.

LIA head of public affairs John Ellis says: “This is an attempt to get people to get to grips with their finances but it has to motivate consumers, otherwise there is not much point in the exercise.”

•The FSA is to host a seminar on Friday aimed at taking forward its proposals outlined in DP19 for the regulation of the sales process of the Sandler suite of products.

The sales regime and the scope of potential misselling will be discussed by the FSA&#39s Michael Folger and David Severn while Treasury civil servant Paul Kirkman will talk about the products themselves.


IFAs hold on to share of a static life market

Sales of new life and pension business increased by just 1 per cent to £11.1bn from £11bn equivalent premium income in 2001, according to annual figures from the ABI.The figures also reveal that sales of stakeholder plans increased to 1.25 million by the end of last year from 1.1 million at the end of the […]

M&G and Cazenove team up for fourth time

M&G has added a fourth fund of funds to the multi-manager range it has established with Cazenove. The M&G Cazenove cautious managed portfolio aims to provide both income and capital growth. It invests 50 per cent in bonds and 50 per cent equities via a portfolio of between 12 and 17 funds. Examples of holdings […]

In trouble with the police

I read with interest the letters from Keith Lewis, Julian Stevens and Lorna Bourke&#39s article in Money Marketing recently.We are being bounced from pillar to post at the whim of people who do not really understand the role of the financial adviser, whether independent or tied.I feel we are becoming more and more like the […]

Microsoft plans UK version of platform

Microsoft UK is planning a UK version of its US financial services platform MSN Money Professional, which allows IFAs to manage all their client information in one place. Announcing the move at the conference in Manchester this week, Microsoft says it will also enable investors to view and manage their entire portfolio online.

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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