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Government u-turn on Equitable – Tories

Shadow Financial Secretary Andrew Tyrie says he has received a letter from Financial Secretary Ruth Kelly saying she would consider a request from the Parliamentary Ombudsman to bring the Government Actuary&#39s Department within her jurisdiction.

Previously Kelly said she remained confident that the Penrose report does not provide evidence proving that any of the relevant regulatory bodies including GAD acted maladministratively in relation to Equitable Life.

Tyrie says: “This is a complete reversal of the Government&#39s previous obdurate position that since there was no maladministration there was no point in considering it. This comes on top of Ruth Kelly&#39s embarrassing climb down over two weeks ago about the Ombudsman&#39s retrospective powers.”


Premier and NDF see in end of term

NDF and Premier Fund Managers have both introduced FTSE-100-linked capital-protected bonds which could mature earlier than the six-year investment term. NDF&#39s offering, the UK defined bonus plan, provides a full capital return provided the index does not fall by more than 50 per cent during the term. Even if it does, investors will still get […]

Keydata Investments – Dynamic Growth Plan 9

Type: Capital-protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-no maximum, Isa £7,000 Term: Six years Return: Up to 3% growth for every 1% rise in index up to a maximum of 60% Guarantee: Original capital returned in full provided index does not fall by more than 40% […]

AIG Life – Managed Income Multi-Manager Fund of Funds

Type: Unit-linked fund of funds Aim; Income and growth by investing in bond funds, property funds and equity income funds Minimum investment: Lump sum £500 Investment split: 39.20% UK corporate bond funds, 18% UK equity income funds, 11.8% UK high yield bond funds, 12.% property funds, 13% global bond funds, 6% UK gilt funds Charges: […]

&#39Set Sandler standards&#39

The Financial Ombudsman Service has asked the ABI to publish fit and proper business practices when Sandler comes in to prevent future standards being applied to past business. Principal ombudsman (banking and loans) David Thomas told delegates at the BSA conference that it would be advantageous to have a yardstick for Sandler products similar to […]


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