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FSA to look at cross-subsidies and KFIs

The FSA will review crosssubsidies of customers on mortgage provider books and look at shortening KFIs.

In a speech at the cml conference, FSA managing director (retail
markets) Clive Briault said the regulator is committed to a review of
the practice of subsidising cheap upfront offers with higher rates
for existing business, as recommended by the Miles report. The
commitment forms part of the FSA’s Treating Consumers Fairly

The regulator will review the effectiveness of regulation at the end
of 2005 and consider whether further changes to the provision of
advice by and disclosures from firms are necessary.

The FSA said KFIs are not as compact as they had hoped and it will be
including KFIs in its review of regulation.

Briault said the FSA has reviewed its consumer education in light of
mortgage regulation. He said: “We will be seeking to ensure that
firms deliver a fair deal for consumers by including the mortgage
market within our initiative on treating customers


Catherine McGrath

PruHealth’s chief executive is determined to change the private medical insurance market with innovative products such as offering lower premiums for healthy lifestyles

Depolarisation edge: Stephen Ingledew

The term multi-tie has no real meaning in the current world of financial advice – it is like referring to a sixpence in a post-decimalisation world – so can we stop using the term as it certainly does not help consumers.

Resolution Life buys Swiss Life closed book

Closed fund administrator Resolution Life has bought the closed book of Swiss Life Groups UK business for 205m.Resolution Life says the 750,000 in-force policies, which are mainly non-profit protection contracts such as term, life and disability assurance, have an imbedded value of 271m.In September the company bought the closed book of Royal & SunAlliance for […]

DWS Investment Trust Managers launching China investment trust

DWS Investment Trust Managers is launching a China investment trust in the New Year to be managed by Lillian Peng. The trust, which DWS hopes will raise 50m, will invest in both Hong Kong-listed shares and direct in shares listed on the mainland. Timing of the launch depends on the short-term outlook but the group […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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