The Financial Services Consumer Panel is hosting the first EU-wide summit of consumer groups to discuss changes in financial services regulation.Representatives from countries including Austria, Belgium, Estonia, Portugal, Slovenia and the Netherlands are convening in London. The panels will discuss differences in how they operate and how they can come together more frequently to provide a more powerful unified voice for consumers. The European Commission complained to the Treasury select committee in 2004 about the lack of consumer representatives to consult on financial services issues. FSA chairman Callum McCarthy also referred to the lack of impact assessments on European regulation at the FSA’s AGM earlier in the year. Financial Services Consumer Panel chairman John Howard says: “This is the first time that consumer representatives across the enlarged EU have met to discuss how to influence new laws on financial services coming from Europe. Industry bodies are already heavily represented and lobbying hard over the implementation of the European Financial Services Action Plan and consumers must be at the table too.”
Section 32 Plan
Bates Investment Services head of investment research James Dalby is believed to be moving to Norwich Unions investment products team. Dalby, one of the UKs foremost investment commentators, will work with NUs fund managers and liase with fund managers externally to design and build investment products for the provider. An announcement is expected shortly.
Some ominous clouds are gathering over foreign property holdings in Sipps
Insurers will increasingly move to front end fees on income drawdown products after A-day according to Defaqto. Currently only a quarter of income drawdown plans levy installation fees, but Defaqto expects this number to surge as providers look to cover A-day development costs.
James Dowey, Investment Director, Chief Economist China and Japan have both performed strongly so far this year, while the UK and Europe are going through periods of political uncertainty. In contrast, the US has experienced a temporary soft patch, but the lower oil price is proving to be a boon for consumers. How do these […]
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Scotland has introduced a new set of income tax bands, but pensions experts warn that the changes could cause issues with pension tax relief calculations. In the Scottish Budget today, the Government announced a new starter rate of 19p and then a 21p rate for those earning over £24,000. The higher rate of tax is […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]