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Life industry regulation needs drastic overhaul says FSA report

The state of regulation of the life industry requires a drastic overhaul according to the FSA&#39s report into its handling of the Equitable Life affair.

The report, written by FSA director of internal audit Ronnie Baird and covering the period between from the beginning of 1999 until the end of 2000, was published today by the Treasury after it received it from the regulator last week.

There had been concerns it would not see the light of the day because the Treasury doesn&#39t want to prejudge the outcome of Lord Penrose&#39s independent review of Equitable underway at the moment.

The Treasury downplayed the significance of the report&#39s findings, saying it is just one piece of the larger picture. Treasury Economic Secretary Ruth Kelly says the report will be part of the evidence Lord Penrose considers.


A busy year ahead for the FSA

As N2 approaches, the industry is wondering aloud what this monolithic creation it is paying for will do to keep itself busy once its birthday celebrations are over.After all, FSA spokespersons are constantly espousing the new attitude towards regulation they plan to adopt which will see fewer company visits and a less prescriptive approach to […]

Axa appoints former Gartmore chief executive as non-executive director

Axa has appointed a former Gartmore chief executive David Watts as a non-executive director to its UK board.Watts was joint chief executive and chief investment officer for Gartmore until his retirement in 1999. He is also a director of Fleming Income and Growth investment trust. David Nash, who became a non-executive director of Axa UK […]

A new state of affairs

The debate on funding Britain&#39s crumbling public services has not abated since the general election, with healthcare having a particularly high profile.After years of discussion and a royal commission, free nursing care for long-term care patients has finally been introduced in England, with the devolved assemblies expected to follow in April 2002. But while there […]

With this survivor&#39s pension, I thee wed

Over the last few weeks, I have been looking at the objective and subjective factors used in determining whether an individual with a preserved pension in a defined-benefit scheme should effect a transfer to a personal pension or pension buyout bond.The particular relevance of this series of articles at this point in time is that […]


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