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MPs want FCA powers to set minimum product standards

MPs are calling for the Financial Conduct Authority to be given powers to set minimum standards for a range of mass-market financial products.

Last week, Liberal Democrat MP and Treasury select committee member John Thurso posted an early day motion calling on the Government to include the powers in the Financial Services Bill, which is due to be published early next year.

He says: “When buying products like life or unemployment insurance, often as part of something else, most people do not pay for advice and some find what they buy is not what it says on the tin. This is the perfect time for the Government to put forward proposals introducing minimum standards for products so ordinary people can know what they are buying and can easily compare products.”

At the time of going to press, the motion had been signed by 13 Conservative, Liberal Democrat and Labour MPs.

Dennehy Weller managing director Brian Dennehy says: “It is a brilliant idea in theory but the regulator does not have enough common sense to implement it properly.”


Investment bonds: e-Excellence ratings for 2011

Few products cause more controversy in our industry than investment bonds. On the one hand, at least for the next 13 months, they can generate vast amounts of commission. To many, this is seen as evidence of our industry at its worst, generating revenue with scant regard, if any, for the needs of consumers. Others […]

HSBC will compensate pre-2005 NHFA clients

HSBC will now look at misselling complaints from clients of Nursing Home Fees Agency in cases as early as 1991. On Monday, the FSA issued the largest ever retail fine of £10.5m against HSBC because of inappropriate investment advice provided by NHFA to 2,485 customers between 2005 and 2010. It agreed to compensate clients during […]


Treasury sets out new Isa protection rules

The Treasury is to change its Isa rules to allow investors who lose their savings a result of the collapse of a financial firm to reinvest their money without affecting their annual allowance. Under current rules, any sum lost due to the collapse of a provider would fall under the annual allowance, currently £10,680, although […]

Dilnot calls for LTC funding advice triggers

People should be automatically sent information or signposted to advice about long-term care funding at certain trigger points in their life, according to Commission of Funding of Care and Support chairman Andrew Dilnot. Giving evidence to the health select committee this morning, Dilnot said too many people do not think about long-term care until they […]


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