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Multi-ties could come in by end of the year

Multi-ties could exist as soon as the end of the year as the FSA estimates the final rules for depolarisation will be in place by the fourth quarter.

Their implementation comes sooner than expected as, following the publication of CP121 last January, it was estimated that depolarisation would not occur until at least mid-2004.

The FSA says final rules for the menu-based system and for distribution post-polarisation are expected to be published by the end of the year, when firms will be able to adopt them.

There will be a 12-month transitional arrangement in place for the industry to prepare itself, with the final deadline for compliance coming at the end of 2004.

Costs are also spelt out in CP166, with the regulator estimating that advisers and product providers will face a total bill of £102m to comply, with its own costs for implementation reaching £428,000.

Advisory & Brokerage Services chief executive Gareth Marr says: “I would like to think the FSA would be open to granting rule waivers for IFAs firms currently caught by better than best. It restricts what we can do for our clients.”


&#39More generous tax breaks and axe funding cap&#39

The Government should give employers more generous tax breaks and remove funding caps to their pensions as long as they contribute to employees&#39 schemes, says the Society of Pensions Consultants.President Donald Duval, testifying before the select committee last week, told MPs that improved tax breaks for employees will not motivate them to save more as, […]

AMP axes annual and terminal bonuses on NPI policies

AMP is scrapping annual and terminal bonuses for 120,000 NPI with-profits policyholders, blaming the rising cost of guaranteed annuity options.Two million Pearl endowment holders with conventional with-profits policies will have last year&#39s 2.25 per cent annual bonus reduced to zero. Payouts across AMP UK&#39s with-profits range will be slashed by 20 per cent. Annual bonuses […]

Sandler bid to restrict term adviser is rejected

Ron Sandler&#39s recommendation to restrict the term adviser to IFAs has been rejected by the FSA.Instead, it will allow most firms carte blanche in naming themselves as long as it is clear to consumers what service they provide.Under the new proposals in CP166, IFAs will be the only regulated firms which must meet defined criteria […]

Shrinking feeling

Kate Winslett gets it. Nicholas Cage gets it. Anyone appearing in Hello! gets it and now Wolverhampton&#39s own Don Clark (above) is getting it too.Scrutiny of this picture of Torquil Clark&#39s director shows a shrinkage of his left arm caused by the dark art of photographic image enhancement.In the original snap, Don&#39s arm is leaning […]


Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


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