View more on these topics

Pension misselling will never happen again vows Brown

Chancellor Gordon Brown has vowed to never let pensions misselling happen again in his keynote speech at the Labour Party Conference.

Brown lambasted the Tories for letting people be &#34ripped off&#34 in the first place and issued a stark warning to the pensions industry that the Government would clamp down hard on any future misdeeds.

Brown&#39s comments follow pensions minister Jeff Rooker&#39s insistence that the Government expects 95 per cent of stakeholders to be sold direct with the aid of its &#34decision trees&#34.

Rooker says they will be drawn up by the Government and will not involve the FSA.

Brown said: &#34Never again will we allow the retirement plans of tens of thousands of Britain&#39s hardest working people to be ruined by the misselling of pensions.

&#34Our promise to the people of Britain: in place of the rip-off Britain we inherited, a fair deal for Britain in the future.&#34

Brown&#39s words were echoed by senior MPs at the conference.

But they did have some words of comfort for IFAs, saying they believe the industry is ready to put the issue behind it.

Treasury select committee chairman Giles Raice said: &#34Clearly the industry has been trying to clean up its act but it is obviously right that we should have vigilance by the FSA, the select committee and by the Government.&#34

All party Building Societies Group chairman Andrew Love said: &#34I would like to think we are getting towards the end. There has been a change in attitude by the financial institutions.

&#34They are now accepting responsibility for phase two of the review. We are now on a smooth path to end this.&#34

*FSA chairman Howard Davis has dashed industry hopes by saying financial services sold by internet must be regulated in the same way as all others.

The industry has criticised the FSA for &#34bolting on&#34 e-commerce regulation to existing rules. Experts say it requires a fresh approach.

But Davis said: &#34Those who argue for lighter regulation do not understand the nature of the regime. If you want to offer advice online you have to demonstrate you have the appropriate procedures.&#34

Davis said FSA mystery shopping teams would looking at researching financial services websites.


August investment fund sales up over year but down on July

Gross investment fund sales for August 1999 were up 25 per cent over the same period last year according to the latest figures from the Association of Unit Trusts and Investment Funds.It latest figures reveal gross sales of £2.9bn compared to £2.3bn the previous year. But these were down 20 per cent compared to the […]

Leek staff spurn Murray&#39s advances

Staff at Leek United Building Society have spurned the latest advance from Murray Financial guaranteeing them their jobs and offering shares and bonuses in return for their support of the proposed takeover.Staff at the society were sent an open letter from Murray Financial late last week outlining a series of incentives aimed at gaining their […]

Coventry Building Society offers high interest account

Coventry Building Society is launching a high interest savings account paying 6.05 per cent gross.The CallSave Instant account offers investors instant access and a guarantee that the rate will not fall below this level until September 30, 2000.The minimum investment is £5,000.Coventry chief executive Martin Ritchley says: &#34The rate guarantee is a significant advantage over […]

Sun Bank launches fixed rate bond

Sunbank is launching a three year fixed interest savings account which pays 7.05 per cent gross interest.The banking arm of Sun Life of Canada says it is aiming to attract savers who are looking to obtain capital growth on their surplus funds with very little risk.The minimum opening balance is £1,000 and the maximum is […]


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