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Not the sort of help we need

The article in the September 12 edition of Money Marketing suggests help is on the way from the FSA.
While welcome, with respect, they are one of the main reasons we are now in this mess.
Our PI brokers say the RU Owed envelopes inviting claims have played a major part in the phenomenal rise in PI premiums.
The farce is that the FSA appears to acknowledge that a big part of the£12bn costs of the pension misselling exercise was unnecessarily spent.
Final-salary scheme closures prove that occupational schemes are not for life and yet it was on this basis that the public was compensated for being moved to personal pensions.
Irrespective of scheme closures due to job mobility, the average employee is only in any occupational pension for under 10 years. Why were they therefore compensated on the basis of NRD?
It will be interesting to see if the PI insurers or life industry now sue the regulator/Government for financial loss.
That is to say nothing of the bad reputation this industry has largely unnecessarily been given.

Colin Langton


Fresh thinking

Between 1988 and 1995, I contributed to a personal pension plan. I paid in both a regular monthly amount and a series of lump-sum payments. I am now able to recommence making contributions but I am unsure as to whether I should restart my plan or start a new plan. Which should I do? Personal […]

Standard slices payouts 10% as surrenders rise

IFAs say Standard Life has bowed to the inevitable by imposing a 10 per cent market value adjuster and slashing payouts by 10 per cent on Monday.Standard has made the with-profits cuts in an interim bonus declaration. It blames the move on stockmarket falls and rising surrenders.It follows increasing media and industry speculation about the […]

Commitment to with-profits

In response to the article in last week&#39s Money Marketing headlined, NU rethinks with-profits bond strategy, NU wishes to set the record straight on its commitment to with-profits bonds.Norwich Union is one of the biggest providers of with-profits bonds in the industry and believes they have a key role to play in the investment arena. […]

Britannic Money launches four new buy-to-let mortgages

Britannic Money has launched a new buy-to-let product range to meet increasing demand. It has a new two-year discount at 4.76 per cent, a one-year discount at 4.91 per cent, a two-year fix at 4.99 per cent and a three-year fix at 5.49 per cent. Britannic Money says it offers full flexibility across its buy-to-let […]


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