The FSA’s approval process discriminates against the inclusion of non-Ucits retail schemes in life and pension wrappers, says fund manager Insight.Unlike Ucits funds, there is no automatic approval for Nurs funds as permissible properties for linked life contracts. Providers must apply to the FSA for a waiver to include the funds. Nurs funds are automatically eligible for inclusion in Isas, Peps and child trust funds. Insight says the approval process could create a distortion in the use of Nurs funds by life offices and has written to the FSA for clarification on the issue. Head of product and marketing Brett Greatrex says: “It would be helpful if the FSA could acknowledge this anomaly and allow the inclusion of Nurs funds in life and pension wrappers without extra clearance.” FSA spokesman Robin Gordon-Walker says: “The present situation involves life and pension funds applying for the inclusion of Nurs funds on a case-by-case basis. There is consideration of the permitted links issue going on, partly in response to industry pressure and partly because it is something we feel we should look at.”
The Bank of England Monetary Policy Committee has decided to leave the base rate unchanged. Clydesdale chief economist Tom Vosa says: “The decision was widely expected given signs that the housing market has stabilised and the continued high level of energy prices. It may be a little clearer whether reductions are on the horizon on […]
Britannic Asset Management’s Argonaut European alpha fund has taken 100m in under six months. The Oeic, managed by Barry Norris and Oliver Russ, was launched in May 2005 and has been supported by a number of multi-managers including New Star’s Mark Harris.The fund is a high-conviction portfolio targeting a high return. 1000 invested at inception […]
Alliance & Leicester
Two Year Fixed Rate Feesaver
Which? says that the recent PPI investigation carried out by the FSA is shocking but unsurprising.
Commenting on the update on PPI principal researcher Mike Naylor says: Which?, says: “The results of the FSA investigation are confirm that many financial companies aren’t complying with the new regulations that have been in effect since January this year.
“There’s a real danger that many people have been sold unsuitable policies, are paying more than they thought or don’t realise they won’t get a lot of their money back if they cancel the policy.”
Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]