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Review of FSAVCs may see advisers facing flood of claims

The FSA&#39s review of FSAVCs could open the floodgates for claims against

independent advisers.

The fears come after the review, announced this week, emphasised it would

have to review all cases that investors request in addition to those in

some specified categories.

Firms will also have to review sales made between April 29, 1988 and

August 15, 1999. The FSA says investors should be invited to request a

review if they belong to matched contribution schemes or subsidised schemes

offering other sub- sidised benefits.

The Pension Advisers Support System manager Derek Warner says the plans

have left the review “rather wide open” although it was meant to be a

limited review affecting several thousand cases.

Warner says: “The finalised plans are along the lines of the original

proposals and an improvement on the consultation paper. We hope to engage

with IFAs at the start of the review.”

Aifa says IFAs face an uphill struggle to comp-lete the review unless they

have records dating back to 1988.


IFAs grow their critical mass

IFA sales of critical-illness cover leapt by 22 per cent last year.The number of policies sold by IFAs rose from 220,730 in 1998 to 270,440in 1999, according to the HealthWatch 2000 report from Swiss Re Life &Health.This gave IFAs a 34.5 per cent share of the market – up from 31.8 per centin 1998 – […]

B2C or not B2C? That shouldn&#39t be question for IFAs

One subject which is probably causing many sleepless nights for seniormanagers with life offices is the increasing dominance of technologycompanies in IFA product distribution.The recent acquisition of Bankhall by Lynx is the latest such move but,without doubt, when considering this issue, there is one organisation thatcome to mind before all others – Misys.Misys already owns […]

Panorama failed to take in whole picture

What a pity about the BBC&#39s Panorama Mortgage Timebomb programme lastweek. I was expecting a serious in-depth analysis of endowment policies,about what percentage of them are likely to fail to repay the mortgage andan actuarial comparison between the total costs of endowment and repaymentmortgages.Instead, we were treated to a number of examples of the failure […]

Virgin targets the &#39forgotten&#39 GPP market

IFAs&#39 share of the stakeholder market is being threatened by the entry ofVirgin Direct into the lucrative group personal pension market.Virgin claims employers are the forgotten customers and have beenneglected by intermediaries and pension scheme providers, a claim angrilydenied by IFAs.Virgin&#39s new service will be an internet-based pension operation free toemployers.The company says it is […]


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