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Lord Hunt calls on FSA to relax regulatory burden

IFAs are forced to spend too much time dealing with regulatory requirements and the multitude of industry reviews is threatening to drive them out of existence, said Lord Hunt of Wirral last week.

In a speech to the House of Lords, Aifa chairman Hunt told peers that independent advice is crucial to convincing people to save more.

But he warned that IFAs are forced to spend too much time dealing with paperwork and bureaucracy instead of providing advice. He called on the FSA to consider how it can ease the regulatory burden faced by IFAs.

Hunt said recent initiatives such as decision trees and comparative information tables play a limited role and “seem to leave many consumers cold”.

He highlighted the savings gap identified by the Oliver Wyman report and the Government&#39s concern over the falling savings ratio but pointed out that pension provision is higher than elsewhere in Europe.

He said: “All these reviewers must bear in mind that the central objective concerns getting people to save in the right products at the right time. Advice – independent advice – is crucial to this process. Constant fiddling with market structures is as likely to interfere with that objective as it is to promote it.”


Bupa appoints doctor to business relationship post

Bupa has announced it is appointing Dr Natalie-Jane Macdonald to its newly created post of medical and heath care purchasing director responsible for clinical leadership in the PMI provider&#39s insurance business.Macdonald was previously head of health care policy and development and will now work on developing business relationships with hospitals and medical consultants.

With-profits transparency for whole Britannia range

Britannic Group will extend its model for transparent with-profits across its entire product range from the new-year.Following the system set by Britannic Retirement Solutions&#39 with-profits annuity in January, the group says it will remove the lack of transparency of conventional with-profits products by giving all policyholders annual statements outlining performance and disclosing the amount reserved […]

Decisive action will bring back growth

As expected, the terrorist attacks of September 11 continue to dominate the agenda and Chancellor Gordon Brown&#39s pre-Budget report speech in Parliament on Tuesday was no exception.A great deal of emphasis was placed on economic growth in the speech and, despite lowering forecasts for 2002, the figures still look encouraging, with UK growth set to […]

Brown rejects insurance model for NHS

The Chancellor of the Exchequer Gordon Brown appears to have ruled out private sector involvement in the health service, quoting from former NatWest chief executive Derek Wanless&#39 report into health funding which is published today.The announcement will dash the hopes of many private health insurers which argue that insurance should play a part in modernising […]

Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.


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