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Life offices calling on Sandler to investigate overlaps in regulation

Overlapping regulation by the Treasury and FSA has the potential to stifle

the financial services industry and must be included in Ron Sandler&#39s

review, says the head of assurance at the ABI.

Francis McGee says Sandler has been presented with a golden opportunity to

take a look at the role played by the FSA and the Treasury in the

regulation of financial products.

He says Sandler must recognise the ability of the market to deliver

innovation and new products in response to customer demand without

unnecessary intervention from the Government or regulator.

The ABI opposes any product regulation that does not allow a diverse

market to develop. This includes price-capping through Catmarks and

kitemarks which could have the result of forcing non-kitemarked products

out of the marketplace, he says.

McGee is urging the review team to ensure it takes into consideration

changes in the marketplace such as the move towards self-regulation and

consumers having wider fund choice from providers.

The ABI says it has a list of criteria by which it will judge the outcome

of the review including regulation of product development and sales.

McGee says: “It would be an opportunity missed if the review does not

consider changes to the conduct of business regime of the FSA. At the

moment, you have got overlapping regulation which is almost certainly

reducing efficiency in the marketplace.”


Julian Gibbs

Over the next five years, most analysts expect commercial property to showgross returns in excess of 10 per cent a year. This is made up of yields ofaround 7 per cent plus rental growth of 3 to 4 per centa year. This shouldequate to a return of around 7.5 per cent a year net of […]

Public saving for a recession

Britons are preparing for a financial storm by saving 32 per cent of theirdisposable income, according to findings from Alliance & Leicester&#39s newwealth tracker index. A&L asked a sample of 2,000 to detail their level of disposable income andhow much of this is saved, spent or invested to reveal the average Britonaims to save £93 […]

Misys chooses network director

Misys has appointed Steve Pearson, 42, as network director for IFA Networkand Financial Options following Nick Ansell&#39s move to DBS as chiefexecutive. Previously as operations director for the two networks, Pearsonwas responsible for relations with existing members. In his new role, hewill look after sales, customer relations and compliance.

TMO in enhanced commission deal

Broker network The Mortgage Operation is introducing a direct-to-lender-panel service which enables intermediaries to earn enhanced commission payments. The facility allows brokers to submit mortgage applications direct to anylender on TMO&#39s panel and receive extra commission if they identifythemselves as a network member. Participating lenders on the panel includeHalifax, NatWest, Nationwide and Royal Bank of […]

Flexible reversionary trusts and estate planning

The suitability of different estate planning solutions will depend on the individual’s own circumstances, needs and objectives. When considering the different solutions available there is a trade-off between inheritance tax (IHT) efficiency and access. Overall a flexible reversionary trust provides a greater level of flexibility than a discounted gift trust and can offer individuals a […]


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