The FSA’s move towards principle-based regulation echoes Tory leader David Cameron’s calls for shared responsibility and should be welcomed, says Shadow Treasury Financial Secretary Mark Hoban.He said principle-based regulation gives businesses the freedom they need to meet the demands of the FSA. Hoban said that firms must make their own decisions about how they achieve regulatory targets and recognise that the best way to withstand the constant pressure for new regulation is to demonstrate that they are giving consumers the best deal. He warned that excessive regulation prices many consumers out of the market in financial services as providers will not offer products to people they consider to be unpro- fitable, citing the failure of stakeholder pensions as an example. Consumer protection is vital but such regulations are useless if they end up excluding the target consumer from the process, said Hoban. He said the Conservatives must look closely at what regulations damage financial services and which benefit it but there would be no “Dutch auction” to erode the regulatory landscape. Hoban said: “I welcome the moves towards a principle-based approach to regulation. It gives businesses the operational freedoms they need to meet regulatory objectives and ties in with David Cameron’s call for shared responsibility in that businesses need to make their own decisions about achieving those regulations.” The Conservative party must rid itself of the Nimby ghosts which have haunted its rec- ent past if it wants to solve supply problems in the housing market, says the Shadow Chancellor George Osborne. Speaking at a Cicero Consulting and Policy Exchange event at the Conservative conference, Osborne said in the last few general elections the party had made the mistake of positioning itself against building new homes. Osborne said this had meant that the Tories had been against homeownership and aspiration. He said that to attract young aspirational voters, the party would have to produce policies that increased housing supply which would inevitably put it in conflict with certain conservationists and strands of the Party. Osborne pointed out that until recently, homeownership had been central to the party’s success and the Tories must return to this agenda if they want to regain power. “I am afraid that we got ourselves in this position because we were against building homes. For the first time in our history, we were ‘not in my back yard’ and that is a mistake, we have got to change that,” he said. This view was backed up at a separate fringe event by Next chief executive Simon Wolfson who is co-chairing the Conservative’s economic competitiveness group with John Redwood. Wolfson told the meeting that fresh ideas were needed to tackle the problem of affordable housing and said the group is looking at suggestions to speed up the planning process. He said the group is also looking at proposals to reverse the burden of proof so it is the planners’ job to say no rather than for the developers to plead for a green light to build new homes on genuine brownfield sites.
Cazenove Capital Management is to host Asset TV’s first live, interactive multi-asset web seminar for advisers. The seminar on November 15 will feature five specialist fund managers, who all run portfolios held by the Cazenove multi-manager diversity fund, discussing the outlook for their respective asset class. Advisers can register and send in questions for the […]
Insight Investment is looking at increasing sales of its multi-manager absolute return product range to the Continent with a euro-denominated global diversified return fund. The Dublin-domiciled fund is the firm’s second retail absolute return fund. The first – the diversified total return fund – has achieved a total return of 10.3 per cent since launch […]
Jupiter is launching a China fund on October 20 to be managed by Philip Ehrmann. He will be assisted in running the 40-50-`x stock portfolio by Simon Somerville and Ben Surtees.
The defunct Eurolife Assurance Group has been forced to sell off Nvesta to cover its liabilities and pay compensation to policyholders.
Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]
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FCA chief executive Andrew Bailey is calling for regulators to back a proposed implementation period after Brexit to avoid an economic “cliff edge”. Speaking at The International Financial Services Forum today, Bailey continued pushing for cooperation between the British and European regulators, this time pointing to preserving financial stability. He says: “Brexit has global implications, […]
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