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MPs are ready for inquiry

A Parliamentary committee is expected to announce an inquiry into the Equitable Life debacle, including the role of the FSA.

The Treasury select committee is set to announce the inquiry at its first hearing of the year next Tuesday.

The committee has come under increasing pressure from MPs of all parties, consumer groups and industry observers to hold an inquiry.

Committee members of all parties have called for an inquiry. Labour MP Jim Cousins says: “The FSA&#39s internal review does not go nearly far enough. I think the committee should look at the Equitable and I have conveyed that view to the chairman.”

LibDem MP Edward Davey says: “It is vital that the select committee introduce an urgent inquiry. I will be raising the need for it at the first available opportunity.”


Pressure is mounting to scrap compulsory purchase

Annuity experts are predicting the Government may change the rules on the compulsory purchase of annuities in the Chancellor&#39s spring Budget. Experts are hoping the Government will succumb to mounting pressure from lobbyists who believe the rules restrict individual choice and that compulsory purchase at 75 is based on outdated mortality expectations. Winterthur Life strategic […]

Guernsey Financial Services Commission appoints new director general

The Guernsey Financial Services Commission has appointed Peter Neville as director general, succeeding Peter Crook. Neville previously worked at the Investment Management Regulatory Organisation before a period advising the Maltese government on regulatory matters and establishing an investment services regulatory regime. He has also had spells in banking, with Samuel Montagu and HSBC. Commission vice […]

Exclusive – Gartmore to introduce radical charging structure

Gartmore is to introduce a radical new charging structure to its range of ‘focus funds’, which are due for launch on January 31. The funds are expected to have higher charges, but will commit to rebates if the funds fail to outperform their benchmark. The funds will cover each of the main global sectors— UK, […]

Reducing returns

Equitable Life&#39s decision to close for new business re moves it from the individual stakeholder-friendly fray but still leaves 13 on the table. Group stakeholder-friendly providers number 20. This, as I argued last month, will still be too many and something will have to give. Barclays Life&#39s contract has been the cause of much comment […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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