Aire Valley IFA Malcolm Guy has called on the FSA to intervene over a National Savings & Investments advertising campaign which he claims is misleading.Guy says the ad’s pledge that the NS&I guaranteed equity bond will “genuinely outperform any growth in the FTSE 100 index” should be removed. He says the final figure used in the bond’s calculation is the average value of the index over the last six months and the word “genuinely” should not be used. Guy says: “You cannot use words that imply the investment is 100 per cent guaranteed when theoretically there is a chance that it might fail. I find it ironic that when we are being strictly regulated by a Government body, another Government body can put out an incorrect advertisement. “The FSA should deal with the NS&I with the same heavy-handed approach it adopts when dealing with misdemeanors by financial institutions in the private sector.” An FSA spokesman says regulating NS&I advertising is not within its remit. He says: “If someone has a beef with an NS&I ad, they should take it up with the NS&I themselves or the Treasury.”
The ABI broadly welcomes today’s white paper on pensions but says more dialogue is needed on consumers’ needs and expectations.Director general Stephen Haddrill says: “The White Paper points pensions policy firmly in the right direction. Today’s decisions provide a solid platform for creating a new savings culture in Britain.“And the Government has rightly recognised that […]
Direct marketing is outsourced to third party companies by 47 per cent of banks, according to research from data management specialists CDMS. The research looked at senior marketers in the top 1000 firms.
The Department for Communities and Local Government has hired consultants to shake up home inspector exams to ensure that enough people pass by next June, Money Marketing understands. The move follows industry concerns that not enough home inspectors will be trained in time for a full rollout in June 2007. The Government estimates around 7,000 […]
What variations on a conventional annuity can a pension client choose between?
Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]