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MPs lash Davies over Equitable Life failure

FSA chief executive Howard Davies has been lambasted by leading MPs in one of the strongest attacks to date over the regulator&#39s handling of the Equitable Life debacle.

Continuing his testimony before the Parliamentary Treasury select committee on the affair, Davies was told the FSA was bullied around by the old Equitable board and impotent in its attempts to force the life office&#39s management to comply.

Davies was repeatedly accused by committee member Labour MP Jim Cousins of having failed in the regulation of conduct of business standards in the life industry.

Liberal Democrat MP David Laws criticised the FSA for failing to lift a finger to prevent Equitable from continuing to advertise between the House of Lords ruling against it in July 2000 and the decision to close its doors to new business in December of that year.

Cousins told Davies: “You failed as a conduct of business regulator.”


&#39IFAs set to dominate UT distribution until 2005&#39

IFAs will remain the dominant distribution channel for unit trusts until at least 2005 despite fierce competition from direct and internet providers, according to research commissioned by Datamonitor for FundsHub.The research shows IFAs&#39 share of distribution will remain constant over the next few years, slipping slightly to 60.2 per cent in 2005 from 61 per […]

CSFB hopes Tessa plan can be titanic

Credit Suisse First Boston Global Titans Tessa Plan Type: Capital protected Tessa only Isa. Aim: Growth. Minimum-maximum investment: £5,000-£9,000. Investment choice: 100 per cent in shares listed on the Dow Jones Global Titans index. Term: Five years. Guarantee: Capital returned in full at end of term. Return: Up to 55 per cent at end of […]

BSA chief says make watchdog accountable

The Financial Ombudsman Service has been criticised by Building Societies&#39 Association chairman Martin Ritchley for its lack of accountability on rulings which can cost companies millions of pounds.Speaking at the BSA annual lunch last week, Coventry Building Society chief executive Ritchley said the FOS should be subject to the same safeguards as the FSA as […]

Heirs and graces

Continuing in our series on the new opportunities offered by the new defined-contribution tax regime, in this article we look at how stakeholder and personal pensions could be used in inheritance tax planning.We all know how inheritance tax mitigation forms an important part of the financial planning cycle for many clients and, with the current […]


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