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Outcry as FSA fights to keep Lautro 12 secret

Advisers have slammed the FSA’s decision to appeal against the Information Commissioner’s ruling to name the Lautro 12.

The commissioner last month upheld a freedom of information request to name the 12 firms that mispriced Lautro projection rates, leading to unrealistically high maturity figures between 1988 and 1994.

But FSA spokesman Robin Gordon-Walker says: “We have now lodged an appeal as the Information Commissioner’s decision raises potentially important questions about aspects of our proportionate and risk-based approach to regulation and how we take action to protect consumers. The details of our appeal are confidential until it is heard in the tribunal.”

But CBK principal Peter Chadborn says: “It looks like something is being hidden and providers are not being forthcoming so it does nothing to help relations or instil confidence in the industry.”

The debacle has resulted in advisers paying too much compensation for mortgage endowment complaints raising the issue of them being entitled to financial redress. Estimates suggest advisers have paid out around 83m on endowments.

IFA Defence Union chairman Evan Owen says: “The problem is not with the life offices, it is with the regulator and this appeal shows that there is something serious they are trying to hide.”


Pensions cannot escape the RDR

As MM’s regulation reporter was living the dream in Ibiza last week it fell to me to attend Osney Media’s financial services distribution summit.

Top up the toolbox

For many years, it has been accepted industry practice for life companies to provide specialist technical resources to advisers. There could now be serious implications, with the High Court ordering Scottish Equitable to compensate a client because its repre-sentative was present at the time when advice was given.

Former Pension Commissioner Drake appointed to PADA

Former Pensions Commission commissioner Jeannie Drake has been appointed non-executive director of the Personal Accounts Delivery Authority from September 17. She will be working alongside Paul Myners who was recently appointed chairman of PADA which will be responsible for getting personal accounts up and running and for ensuring employers meet their new obligations. Drake currently […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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