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Stakeholder cap may go says Darling

Social Security Secretary Alastair Darling has indicatated the Government is prepared to relent on its proposed one per cent stakeholder charging cap.

Darling said there was still room for change at a meeting of the Insurance Society of Edinburgh held last week.

He answered questions on the proposed one per cent charge, following a speech on stakeholder, telling the audience that one per cent it is not cast in stone and there is room for negotiation.

The Treasury announced in June that it was proposing the one per cent rmaximum annual management charge.

But the Liberal Democrats pensions spokesman Steve Webb believes the Government will have to be more flexible.

The move comes as the Conservative Party has stepped up the heat on Government financial services policy by announcing a &#34savings revolution&#34 and promising reform of &#34the Government&#39s botched Isa scheme&#34.

It also wants to cut tax on savings and set up an insurance scheme to fund long-term care for the elderly.

Insurance Society of Edinburgh president Penny Cooper who chaired the meeting says: &#34Most of the questions centred around the 1 per cent charge. He made it very clear that it was still negotiable.&#34

A DSS spokesman says: &#34It is not cast in stone. It is a consultation process and we will listen to what people say.&#34


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