Norwich Union is understood to be the only major insurance company which has failed to meet the FSA’s new product sales data requirements.From July 28, providers are required to provide information on whether products were sold on an advised or non-advised basis but NU will miss this deadline as its systems are unable to strip out this data. The firm has told the FSA about its systems problems and will not be penalised. The data will be used for the FSA quarterly product sales data report to help the regulator monitor market trends. NU head of compliance oper- ations Iain Glen says: “We had hoped the FSA would allow us to use assumptions. The FSA and IFAs are aware of the issues we have had with this.”
Safe Home Income Plan members wrote £262.8m worth of equity-release business in the second quarter, a fall of 5.8 per cent on Q1 but 0.75 per cent up on Q2 2005.
One of the first lessons all journalists learn at the start of their careers is that any official report can be interpreted in diametrically opposite ways, depending on the person reading it.
Webline has announced a 250,000 investment in new developments for the portal as a result of adviser feedback.The selected enhancements will provide advisers with additional more advanced comparison facilities to provide a better service to the client and offer more opportunity to up-sell products.The other main area of development focuses on providing additional management information […]
First time buyers will face a potential shortfall of over 5,000 each, despite planning to spend two years saving for their deposit, according to Alliance & Leicester.The A&L mortgages study found FTBs want to save a deposit of 11,710, about eight per cent of the average first time buyer house price. However, when it comes […]
Rob Burnett, Head of European equities at Neptune Many commentators have suggested that the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Is this likely and what is the mechanism for this to happen, asks Rob Burnett, Manager of the Neptune European Opportunities Fund. Read more: https://www.realworldinvestors.com/Posts/Read/1371/Frexit_and_contagion_risk_in_Europe […]
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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