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FSA turns attention to projection rates and Tep market

The FSA is to consult on projection rates and review the traded endowment market later this year.

Both consultations are mentioned in a comprehensive list of regulatory initiatives included in this month&#39s handbook development newsletter.

The regulator says it has undertaken to look at projection rates every four years and the consultation planned for June is part of this process. It is widely thought that future rates of return will be lowered as a result.

Later in the year, the FSA says it will consult on the working of the Tep market.

Spokeswoman Jackie Blythe says: “Projection rates are not there to show how policies will grow but to show the effect of charges. However we want the ranges to reflect economic reality. We will be researching how the Tep market works.”

Scottish Equitable manager of business development Steve Cameron says: “Lower projection rates could make people want to save more but put other people off altogether.”

Policy Portfolio managing director Brian Goldstein says: “We welcome any review as it would ascertain facts and clarify issues.”

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