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FSA under pressure to review restrictions on Nurs funds

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.”

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