View more on these topics

Myners’ long-stop stance slammed

Pump Court barrister Peter Hamilton has hit out at City minister Lord Myners, claiming his response to the joint committee on human rights over the long stop lacks justification.

Last month, Money Marketing revealed that joint committee on human rights chairman Andrew Dismore had written to Myners demanding to know why the FSA will not introduce a 15-year long-stop for advisers.

The committee chairman called for Myners to disclose whether any schemes other than the Financial Ombudsman Service lack a long stop.

In response, Myners says the FSA considered the introduction of a long stop under the retail distribution review but that there was not a “sufficiently strong case”. He adds: “The Treasury does not have full details of all other ombudsman schemes to determine whether meaningful comparisons can be made.”

Hamilton says: “Myners’ letter provides no justification at all. He has simply taken cover under the FSA’s argument.”

Highclere Financial Services partner Alan Lakey says: “Lord Myners states the long stop was discussed and considered by Parliament. Extensive research via Hansard fails to show any mention of the long stop and he will need to confirm to the industry and the comm- ittee the precise location of this discussion.”


Ex-Insight duo set up multi-asset firm

Former Insight multi-asset co-heads Patrick Armstrong and Dr Ana Cukic Armstrong have launched a new multi-asset business. Armstrong Investment Management, will focus on pensions and wealth management.

Asset allocators go overweight in equities

This months Merrill Lynch Global Fund Manager Survey shows that asset allocators have moved overweight in equities for the first time in more than a year. The impressive performance of equity markets over the past three months has resulted in a net 9% overweight in the asset class, while bonds allocations were reduced to 15% […]

Nigeria cover image - thumbnail

White paper — Nigeria International Insights

Jelf Employee Benefits closely examines healthcare provision and challenges within Nigeria. This will be of particular interest to HR decision makers with employees based in Nigeria, and assesses the environment, risks, facilities and safeguards that are relevant to organisations that are actively deploying expatriate staff in this location.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm