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Selestia hits out at FSA menu proposals

Fund supermarket Selestia has criticised the FSA&#39s menu and depolarisation proposals, saying they will serve only to confuse consumers.

Selestia says the proposals do not offer any compelling evidence to support the FSA&#39s claim that its alterations and menu will provide clarification. It also pours scorn on the lack of detail about how market averages on commission comparisons will be devised.

Managing director Brett Williams says: “It is hard to see what benefit if any last weeks announcement by the FSA on the proposed menu project and alterations to the delpolarsiation rules as outlined in CP166 will have for either the adviser community or the consumer. This additional bureaucracy whilst demonstrating there is evidence of consumer confusion, does not come with any compelling evidence to support the claim that these alterations and menu will provide consumer clarification. Rather the opposite.”


Tied agents must disclose commission equivalence

Banks and tied agents will have to disclose commission equivalence according to the FSA&#39s menu proposals released today. The FSA has identified two types of tied agents and is determined to make the tied sector disclose commission equivalence. Product providers&#39 representatives will have to disclose commission equivalence. This category contains most of the bancassurance sector. […]

DWP extends waiver on stakeholder charge calculations

The 2001 rule waiver that relieved product providers of the obligation to provide daily calculations of stakeholder charges will be extended for a further year, the Department for Work and Pensions has confirmed. Providers say the fact that they had to ask for the waiver, which was granted after a request from the ABI, shows […]

Clocking off

In a perfect fiscal world, tax planning strategies would be considered and action taken all year round. In real life, however, people are busy with other more commercially pressing matters for much of the year, such as generating enough income and assets to need tax planning in the first place. The approach of the end […]

Property bubble to burst and expose misselling of self-cert

House prices will fall by 30 per cent within two years, resulting in widespread allegations of misselling throughout the mortgage market, says investment bank Durlacher. The report&#39s author, analyst David Pannell, believes that the predicted downturn in the housing market will result in mortgage lending falling by more than half and will bring a flood […]


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