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FSCP disappointed over lack of independent input into FSA review

The Financial Services Consumer Panel says it is disappointed that there had not been more independent input into the FSA’s internal review of Northern Rock.

The FSCP says that the FSA should be congratulated for acknowledging its shortcomings but that independent auditors could have provided a wider perspective.

Panel Chairman John Howard says: “The FSA concludes that even if supervision had been acceptable it was by no means the case that that would have changed the outcome.

“This suggests to me that the events surrounding the failure of Northern Rock, including the sudden collapse in credit markets, were testing the limits of regulation anyway. No regulator can guarantee to prevent all failures. In those circumstances, a realistic compensation scheme which pays out quickly is vital to prevent another bank run.”


Nationwide alters application deadline after third party service failure

Nationwide has confirmed it is to extend its application deadline to today after intermediaries experienced difficulties accessing its website and submitting cases online.The lender says that this is an external fault beyond its control but it is doing everything possible to ensure a speedy resolution of this problem.Nationwide was meant to be withdrawing its fixed […]

Scottish Life hires 2 new corporate pensions managers

Scottish Life has appointed Joe McGrath and Ken Tymms as corporate pensions managers. They will report to head of partnerships (corporate pensions) Paul Spriddle, working specifically on Scot Life’s defined benefit business, helping advisers find solutions for their clients. Both have experience spanning 60 years in the DB field, with a solid understanding of the […]

Commission pledge for packager failure

Sesame has introduced a new packager panel and says it will guarantee advisers’ commission in the event of a packager failure.The review assessed mortgage packagers on a range of criteria, including financial due diligence and analysis of packagers’ compliance processes and procedures.Sesame’s new packager panel will comprise of All Types of Mortgages, Enterprise Broker Services, […]

Edwards wants to cross the t’s for tele standards

Bright Grey product director Roger Edwards is calling for common definitions of tele-underwriting methods to remove confusion.Most protection providers offer some sort of tele-underwriting, whether in-house or outsourced.But Edwards says that some product providers offer “big T” tele-underwriting, which involves filling out the entire application form with the client over the phone, while others use […]


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