View more on these topics

Internal critic of FSA&#39s handling of Equitable Life debacle is retiring

Ronnie Baird, the author of the Baird Report, which accused the FSA of severe shortfalls over its handling of the Equitable Life debacle, is retiring from the regulator at the end of March.

His damning report accused the FSA of failing to spot the issues that needed to be addressed or, having spotted them, failing to follow them up.

Following the decision by the Equitable to close its doors to new business in December 2000, Baird was asked by the FSA to conduct an inquiry into the regulator&#39s handling of the issue.

He reported back in Oct-ober 2001 that, although much of the damage had been done before the FSA assumed responsibility for life insurance regulation, it could have done better in dealing with the situation.

The report criticised the FSA for not considering that Equitable might lose the legal appeal or that it might have difficulty finding a buyer.

Baird, who is stepping down as FSA director quality assurance and internal audit, will be replaced by James Glass, who joins the regulator from British Energy.

Outgoing FSA chairman Howard Davies says: “I would like to give special thanks to Ronnie Baird who has played a central role in helping to set up the FSA as its charter director of quality assurance.”

Recommended

Annuity Bureau attacks &#39poor&#39 provider admin

The Annuity Bureau is accusing product providers of unacceptable and costly delays in producing pension fund data and payments which it says is costing annuitants lost income and lower annuity rates. The company has pointed to Abbey Life, Barclays, Pearl, Royal London and Windsor Life, saying their poor back-up is costing clients money on open […]

McCartney admits firms are not paying into stakeholder

Pensions minister Ian McCartney has admitted that a significant proportion of employers have set up a stakeholder pension scheme simply to comply with the law but are not making contributions. Testifying at the final oral evidence session of the Parliamentary Work & Pensions select committee&#39s inquiry into the pension regime, this was the first time […]

Correspondent&#39s week

Looking back on a week that involved an out-of-body experience, four seminars, over 200 IFAs, 72 virgins, a one-legged man, a TV remote control, a Skoda Fabia, gridlock on the M25, a farm in Dunstable, a cockerel and my daughter&#39s birthday. It was always going to be an interesting one. Straight to head office in […]

Don&#39t cash in pension too early, warns FSA

The FSA is warning consumers of the pitfalls of accessing their pension pot before they retire. It says people should consider cashing in other investments before accessing the tax-free cash in their pension. The regulator says its initiative is aiming to counter recent TV, press and mail campaigns that have targeted over-50s who have occupational […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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 advice.

    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

    Email: customerservices@moneymarketing.com