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LTC regime is set for 2004 but general start delayed

The start date for mortgage and long-term care insurance regulation

will be October 31, 2004 but general insurance regulation has been

delayed until January 14, 2005.

The LTC decision means it will have been four and a half years to

implement the LTC royal commission&#39s recommendation in March 1999

that the Government should introduce regulation.

After a consultation in March 2001 about what type of regulatory

approach to take, the Treasury announced in October that year that it

would be asking the FSA to regulate the LTC market fully.

The hold-up on regulation of general insurance is blamed on the

implementation of the European Insurance Mediation directive being

delayed until January 2005. The IMD led to the December 2001

announcement by the Treasury that general insurance sector would face

statutory regulation.

LTC firms have wanted regulation because of the assurance that it would

offer to consumers.

Norwich Union LTC strategy manager Sandy Johnstone says: “There is

some logic in saying let&#39s do it all at once but I can certainly

understand from a political point of view why it would not have been

acceptable to delay the implementation any longer.”


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Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]


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