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LIA critical of ABI in response to Euro Saltr probe

The European Commission is investigating the ABI&#39s Raising Standards initiative to ensure it does not violate its competition rules.

The Commission Directorate General for Competition is writing to a number of trade associations to ask a range of questions focusing on how much they have been included in the ABI&#39s consultation process.

The letter asks the trade bodies what share of the UK retail savings and protection market their members make up and when it was consulted by the ABI.

It also asks how members will be affected by Raising Standards, their attitude towards the level of fees for initial accreditation as well as annual renewal, plus the impact of compliance costs.

Part of the LIA&#39s response, seen by Money Marketing, states: “It is a pity there has not been more consultation because we believe the adviser dealing on a day-to-day basis with the public might well have had useful insights to present.”

LIA public affairs director John Ellis says: “We do not see the competition issue as a worry. But this is a provider initiative, with intermediaries not part of the decision making. We are talking to the ABI about getting more involved.”

Raising Standards project director Stuart Tragheim says: “This is routine stuff and because of the level of investment and brands involved we asked the EC to look into it.”

The deadline for responses is June 15.


Chelsea goes for the dual route for new bond

Chelsea Building Society has joined forces with Norwich Union to introduce the third issue of its portfolio extra fixed rate bond.The bond is aimed at investors who are looking for income and growth and comes in two parts. A minimum of £10,000 must be invested in the bond. Up to 30 per cent of the […]

Critical claims climb as sales take a tumble

Claims on critical-illness policies grew 23 per cent last year as more people became aware of the benefits of protecting themselves against dread diseases, according to estimates by GE Frankona Re. In its latest annual survey into trends in the critical-illness market, the reinsurer found that claims were on the increase despite a 4.3 per […]

Standard all-clear for 98% on endowments

Standard Life has issued alm-ost 98 per cent of its mortgage endowment customers with green “all-clear” letters amid increasing numbers of life offices admitting shortfalls. The latest Money Marketing Focus survey reveals what percentage of policyholders have received green and red endowment shortfall letters. Life offices issuing mainly green letters include NPI (99.14 per cent), […]

R&SA Investments Luxembourg appoints Iberian sales director

Royal & Sun Alliance Investments Luxembourg is appointing Victoria Huerta as sales director, retail and institutional funds for Spain.She will be marketing RSA Investment Luxembourg&#39s range of fund management products to Spanish banks, private wealth managers and pension funds.Huerta joins from FTSE International, where she was responsible for sales and business development. RSA Investment Luxembourg […]


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