View more on these topics

Summer start for depolarisation after menu delay

Firms should be able to operate under the final depolarisation rules by summer 2004, six months later than originally planned, the FSA has revealed.

A consultation paper on the menu payment system is now due by early February and FSA head of retail projects David Severn says he believes the earliest the industry will be permitted to start depolarised business models will be July or August next year.

Original predictions had been for the end of 2003 but there have been problems in finalising the menu. These are reckoned now to be close to being resolved or at least to the point where the FSA will be in a position to consult with the industry.

Severn told Money Marketing this week that he cannot see any reason why firms will not be able to act by next summer.

It is believed that the deadline for mandatory adoption aspects of depolarisation such as the menu system will now be set for the end of 2004, six months later than originally thought.

Severn says: “I see no reason why, once the final rules have been made, firms should not be able to run with them at that time, likely by next midsummer.”

LIA head of public affairs John Ellis says: “The slippage into February is not too serious. I think we could just about live with that timing but it does depend on what the proposals will say.”


Chancellor hikes tax relief on VCTs

Income tax relief for investment into venture capital trusts is to be raised to 40 per cent under proposals laid out by Chancellor Gordon Brown in his pre-Budget speech. The Chancellor, addressing the House of Commons, said the Government would also raise the VCT annual limit to £200,000.

ABI says reforms will help customers to see the benefits of with-profits

The ABI says the FSA has adopted much of its proposals for with profits reform in CP207 published this week, and says life offices are not treating customers unfairly at the moment. The FSA proposals call for the introduction of the publishing of targets for payouts, the application of MVRs to be limited to cases […]

NDF offers index innovation

NDF Administration has brought out a capital-protected bond that can be linked to the Halifax House Price Index, the FTSE 100 index or a combination of both indices for six years. The bond will return all investors&#39 original capital at the end of the term regardless of index performance. Investors will also get 100 per […]

Rock says Emfa too political

Northern Rock is trying to distance itself from the European Mortgage Finance Agency project, saying the issue has become politicised. The bank was named as a supporter of Emfa when the initiative was launched last month along with Credit Agricole, BBVA, Irish Life & Permanent and Banco Comercial Portugues. But Emfa general manager Rob Thomas […]

Retirement fund - thumbnail

What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm