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Pressure to remove FSA right to immunity

Conservative MPs and prominent City figures have stepped up pressure on the Government to scrap plans giving the FSA immunity from prosecution reports the Financial Times.

The chief executive of the Futures and Options Association Anthony Bellchambers said the move would deprive firms on the receiving end of FSA negligence no comebacks.

Tory MP Andrew Tyrie has also added his support to the scrapping plans, despite the Tories reluctantly agreeing to allow the legislation for financial services and markets bill to proceed.

Tory shadow Treasury chief executive David Heathcoat-Amory says they have reluctantly let the bill pass to prevent damage to the market.


Financial Services and Markets Bill given kiss of life

The Financial Services and Markets Bill has been given a kiss of life after the Tories conditionally agreed to it roll it over into the next legislative session.The Conservatives allowed the bill to go before the house next term only if the Government seriously considers making amendments to curb FSA powers.They say those charged with […]

B&B appoints new finance director

Bradford & Bingley has appointed Rosemary Thorne, 47, to the post of group finance and IT director.She will join the society at the end of November, replacing John Smith who has announced his retirement.Thorne is currently group finance director of supermarket chain J Sainsbury. Previously she was group finance controller at Grand Metropolitan and finance […]

Scottish Widows calls for waiver to remain under stakeholder

Scottish Widows has called for waiver of contribution to remain an under the new contribution regime outlined in the Government&#39s Consultation Brief Number 6 on stakeholder pensions.Waiver of contribution benefit currently allows personal pension policyholders to continue building their pension fund during prolonged bouts of illness or disability.But the Government has brought into question the […]

CGU business up 18 per cent

CGU Life has also reported an 18 per cent rise in new business over the first nine months of the year.The life office says its new business for the year to date is up to £379m EPI from £322m EPI the previous year.New business through its IFA channel also leapt 10 per cent to £251m […]


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