View more on these topics

HBOS warns protection is not factored into cost

The 0.3 per cent annual management charge on Turner’s proposed National Pension Savings Scheme has not taken into account the cost of consumer protection, according to HBOS.

Speaking at the ABI’s Saver Summit, HBOS head of industry affairs Kate Flavell warned Lord Turner that the charge will not cover the costs of the Financial Ombudsman Service, the Financial Services Compensation Scheme and other regulatory expenses.

She said failure to acknowledge this could leave consu-mers with no protection if NPSS problems arise.

Flavell said: “I think this opens up incredible risk for consumers for there not to be any kind of protection built into the management charges, particularly where employers advise their employees on their pension options, even if it is just generic advice.”

Turner says given that the NPSS will not be sold by a salesforce, misselling is not a major concern.

He said: “These costs were explicitly not put in to the 0.3 per cent AMC. The charge is based on payment system costs, account maintenance and fund management costs. Plus, this is explicitly a model where you do not have a salesforce making the sale.”Go online with your views on reportStarting this week, Money Marketing Online will publish the Turner papers – asking the savings industry and advisers for their views on the Turner report and what the Government should do to reform. We will put the views on the Money Marketing website as soon as we receive them. To view the first Turner papers, please log on to


EU stands by pledge to stem new regulation

The European Commission is standing by proposals to vet new rules thoroughly and stop a wave of new regulation hitting EU financial markets over the next five years. In its long-awaited white paper outlining the EC’s regulatory priorities until 2010, the commission pledges to deploy open, transparent policy-making and impact assessments before introducing new rules. […]

Shakin’ all over

Money Marketing claimed victory against other media teams at the Credit Suisse Asset Management Christmas bash in the most treacherous of conditions. Not only did journalists have to dress up in giant Sumo suits and survive the freezing conditions of an East London warehouse but CSAM decided not to open the bar until 8.30pm, leaving […]

The flight of the first-time buyer

David Cole, marketing director of online research company CCB sets out the results of a mortgage survey which graphically illustrates how lenders are failing to hold on to FTBs by not offering new deals to existing borrowers

Banks could be the losers

I promised last week, with some regret, that I would almost certainly be returning to the Pensions Commission report in this column for a third time in a row.

Investment Forum

Position Portfolios for a Changing China, Accelerating Disruption and More Political Discourse Is China an asset class? Why Investors’ Understanding of China is Changing How is disruption changing the way we invest? Established Ways of Doing Business Are Being Challenged What to Watch: Why politics matters more than ever in 2017 Key takeaways: Despite volatile […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm