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Proposals to meet FSA&#39s PI objectives

The story in Money Marketing last week, headlined, FSA looks at scrapping PI, may have given your readers a misleading impression of our intentions.

As CP 97 made clear, the FSA is proposing in the Integrated Prudential Source-book that PI would be manda-tory for financial advice firms with capital resources below £50m. PI provides protection for investors by increasing the funds available to meet investor claims in the event of problems arising within a firm.

This helps to meet the FSA&#39s statutory objective of protecting consumers. The CP did say that the arguments for or against PI are not clear cut and that we welcomed comm-ents on our proposals but it is important for firms to be clear that the specific proposal is to retain it. While the consultation process continues, the existing PIA rules remain in force. Firms must renew their PI policies as and when they fall due.

David Kenmir

Director, investment firms,

FSA, London


Pink Home Loans – Exclusive Self Cert 5.98 Per Cent Fixed

Monday, 18 June 2001.Type: Self-certification fixed rate mortgage.Fixed term: 5.98 per cent.Fixed rate: Three years.Minimum loan: £25,001.Maximum loan: Up to 75 per cent of valuation subject to a maximum of £300,000, 76-85 per cent subject to a maximum of £250,000.Income multiples: 3.5 times principal income plus second or 2.75 times joint.Arrangement fee: £325.Redemption fee: 5 […]


It does not take a genius to recognise that if you want something that is absolutely right for you and you are looking for value for money, it makes sense to shop around. The problem is, though, that the process of shopping around is seldom an appealing experience. Boring is the word that springs to […]

Pension Credit Bill in Queen&#39s speech

The Pension Credit Bill looks set to make the statute book early this parliament, after being announced in the Queen&#39s speech today. The Queen said: “The Pension Credit Bill is a key part of this Government&#39s commitment to help pensioners by ensuring that those who have saved for old age are, for the first time, […]

Skandia aspots bottom-up style

Giddy with confidence after recently securing its exclusive deal with New Star, Skandia clearly now has no fear.Speaking at the Skandia Pathfinder conference last week, Skandia director of investments Jim Roberts systematically ripped apart the FSA&#39s arguments over past performance in front of 1,500 IFAs, before premiering its latest piece of artwork showing FSA chairman […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


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