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Hunt wants more time to talk on polarisation

Aifa chairman Lord Hunt of the Wirral has called for the polarisation reform consultation period to be extended, saying the FSA&#39s timetable is unrealistic.

In a letter to FSA chairman Howard Davies, Lord Hunt says the short time that the FSA has set aside for consultation and implementation of reforms shows it is underestimating the scale of change it is proposing.

He has asked for the consultation to be extended until the end of May and for the FSA to rule out suggestions in CP121 that implementation of rule changes could take place by the end of the year.

Lord Hunt reminded the FSA that IFAs will not be able to determine their strategy for their own businesses until the overall direction of FSA policy had been confirmed and warned that any rules should be implemented across all sectors simultaneously rather than on an ad-hoc basis.

Aifa also points out the amount of work involved to complete the cost-benefit ana-lysis for the proposals.

Lord Hunt&#39s letter said: “Your consultation paper rightly identifies the continued existence of IFAs as a driver for competition in the market. You should ensure that you do not damage this source of competition by your own timetable.”

An FSA spokeswoman says: “We will give Lord Hunt&#39s letter due consideration.”


Scottish Widows Unit Trust Managers – Strategic Income Isa

Wednesday 27 February, 2002 Type: Unit trust mini or maxi Isa Aim: Income by investing in UK investment grade corporate bonds and European non-investment grade corporate bonds Minimum investment: Lump sum £1,000, monthly £50 Maximum investment: £7,000Catmarked: No Investment choice: UK investment grade corporate bonds 70%, European non-investment grade bonds 30% Yield: 6.33% gross a […]

MBO emerging as an option for R&SAI staff

Senior managers at Royal & Sun Alliance Investments are believed to be considering a management buyout if a strategic buyer cannot be found.The managers are believed to be concerned that many of the potential suitors for the company – thought to include Aegon, Aberdeen and Friends Ivory & Sime – may seek to strip the […]

Durlacher adds up blue chips

Stockbroker firm Durlacher has established the blue chip plus fund, an Oeic that aims to enhance returns by selling options.The fund aims for capital growth by investing in a portfolio of between 30 and 40 UK blue chip companies, which will reflect the performance of the FTSE 100 index. The fund will aim to boost […]

No signs of Isa revival as sales fall in January

The Isa season got off to a poor start in January as net retail sales of investment funds fell by almost 3 per cent from December.The figures, compiled by the Investment Management Association, formerly Autif, showed net retail sales for January fell to £621.1m from £637.5m in December and from £1.1bn in January 2001 – […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


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