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Regulatory tools should prevent another Equitable says Penrose

FSA proposals aimed at reforming regulation of the life insurance industry could provide the necessary tools to prevent another Equitable Life from occuring, Penrose&#39s report says.

While the regulator has “sought to anticipate many of the lessons that might be drawn by this inquiry,” Penrose says the tools it may design as a result will be “useless unless the personnel charged with their use have the skills and experience necessary for their effective application.”

He says FSA proposals for life offices to provide statements outlining their principles and practices of financial management (PPFM) as well as those latest proposals aimed at &#39treating with-profits policyholders fairly&#39 will likely go some way to closing the regulatory gaps which have existed in the past.


Kevin Duffy on mortgages

Watching the Oscars recently put me in mind of Michael Douglas&#39s infamous Wall Street mantra: “Greed is good.” In my last article, I extolled the virtues of a well run mortgage practice in so far as profit margins are generally of the double-digit kind, which makes many brokerages more productive than even the likes of […]

Shell shock of liability move

There is a great deal of discontent among IFAs about Berkeley Berry Birch&#39s move to leave liabilities with the shell of Berry Birch & Noble FS. It also sees a liability-free IFA emerge from the ashes. The move echoes one made by Towry Law a few years back but at this stage does not seem […]

CBI welcomes NAO assessment

The CBI has welcomed the National Audit Office&#39s assessment of the number of people affected by the lifetime limit on pension savings, saying it is an important step towards resolving lingering problems.Deputy director-general John Cridland says that, now the figures have been agreed, the industry can focus on getting simplification while ironing out the remaining […]

Close call for property investors

Close Property Investment is giving experienced investors a chance to invest in UK commercial properties which will have rental increases of at least 2.5 per cent at the next rent review. Fixed uplift properties is an offshore closed-ended fund which is also available as an exempt unit trust for self-invested personal pensions and small self-administered […]


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