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Regulator will probe advice issues

The FSA will consider issues of advised versus non-advised sales next April, raising hopes that Money Marketing’s No Advice No Protection campaign will succeed.

The regulator will analyse consumer awareness around the lack of redress that the public have with the Financial Ombudsman Service on protection policies bought direct as part of a wider review into Icob next year.

The review will be carried out by Dr Eleanor Linton, who heads the regulator’s mortgage & general insurance policy division.

FSA spokesman Robin Gordon Walker says: “We have said we will consider the issue of advice versus non-advice sales in our general insurance effectiveness review taking place next year and into 2007.

“It is not our policy, not yet anyway, to consider removing non-advice sales from the market, but we will be looking into this as part of the wider review.”

Lifesearch managing director Tom Baigrie says: “I now have no doubt this area will be thoroughly thought through in regulatory terms. That process will take time and we intend in the interim to challenge non-adv- isers directly to provide answers to our questions.”


Come down hard on fraud

Employee-led fraud is continuing to go undetected within UK business. There is currently no regulatory requirement to state fraud losses in a companys accounts, which would focus the minds of management on the issue.Nor will any successful company (without glaring financial black holes) feel the need to rock the boat and undermine staff morale by […]

Axa retail chief Ellis leaves after takeover

The shakeout has started at Axa following its takeover of Framlington, with high- profile Axa head of retail Simon Ellis leaving the merged group after just 18 months with the firm. Axa sales director Tony Maddock has also left the company to join Scottish Widows Investment Partnership but Ellis is believed to be taking time […]

Abbey attacked as it cuts out paper for mortgages

Abbey’s decision to refuse paper mortgage applications from January has been slam-med by advisers and industry figures, who say its online systems are below par. From January, all mortgage applications for Abbey for Intermediaries must be submitted onlineHowever, Financial Technology Resource Centre director Ian McKenna says evidence he has received from advisers shows its systems […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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