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Key Facts too much of a burden says Widows

The new FSA disclosure regime in CP170 will lead to an excessive focus on cost at the expense of performance and other product features, warns Scottish Widows head of marketing Ian Naismith. Speaking at Money Marketing Live in Manchester today Naismith said the proposed key facts documents, which will replace key features documents, will not allow any illustration of a return the consumer may get.

He also questioned the logic of the FSA issuing new regulations
which have used as a starting point research and procedures from
the PPIAB&#39s Raising Standards initiative already adopted by much of
the industry.

Naismith says: “The FSA&#39s product disclosure changes are a brave effort but the focus on charges and the exclusion of returns illustrations will lead people to think about costs above all else.”

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FSA waters down trust proposals

The FSA has watered down its proposed rules for investment trusts after consulting with the industry. Subject to annual re-election, fund managers will be able to sit on trust boards, trusts will be able to invest in funds of funds in much the same way as before while proposed rules forcing trusts to disclose their […]

Matrix Money Management – Foresight Technology VCT

Type: Venture capital trust Aim: Growth by investing in unquoted technology-based companies Minimum investment: Lump sum £2,500 Opening/closing date: September 22, 2003/ March 31 for 2003/2004 tax year, April 30, 2004 for 2004/2005 tax year Charges: Initial 5.5%, annual 2% Commission: Initial 2.25%, renewal 0.375% Tel 020 7292 0825

Purchase lending hits record

There was a record level of house purchase lending in August, according to the Council of Mortgage Lenders&#39 latest figures.The CML results show a swing towards house purchase away from remortgaging. Lending for house purchase reached £11.5bn in August, the highest figure CML has ever recorded, accounting for 48 per cent of total lending. This […]

Morgan Stanley fills three-year income gap

Morgan Stanley&#39s latest addition to the structured product market is a capital-protected bond, which provides annual income over a three-year term. The FTSE 100 income plan provides a single option of 6.5 per cent income a year but the degree of capital protection is dependent on the performance of the index. Investors will get their […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]

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