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“Yes. They should be paid out of shareholders&#39 bonuses.”

Robert Mead,RM Financial Services

“Yes. They should only be allowed to be paid out of shareholder funds.”

Robin Hunter, Hunter & Co

“Yes. They should not be paid out of the with-profits funds. They should pay out a smaller dividend to their shareholders.”

John Matthews, Matthews Cooper Associates

“Yes. Business should

be made to do that.

They should be putting money aside for such liabilities and paying fines before the distribution of dividends to shareholders.”

Roger Kennedy, Aiken Kennedy Financial Planning

“Yes. If they make the cock-up, then they should pay for it – not their with-profits fund.”

Graham Latimer, GW Latimer & Co.

“Yes. But the clients will still end up suffering in the long run.”

James Kaslik, JK Associates

“Yes. Because it is unfair for policyholders to foot the bill for life office mistakes.”

Richard Peasley, Churchill Securities & Co

“Yes, I would agree with it because the fines are against the company, not the policyholders, and the orphan assets and with-profits funds belong to the policyholders, not the company.”

John Rowe,J E Rowe Financial Services

yes 100%


FSA tells public to seek advice before releasing home equity

People buying equity-release products should always seek independent advice, says FSA mortgage supremo Sarah Wilson.Head of high-street firms Wilson says when the FSA takes on its mortgage regulatory duties, there will be little reason for voluntary regulation bodies such as the MCCB and Gisc to continue.In its final mortgage regulations published last week, the Treasury […]

Loan brokers facing IFA-style regulation

Independent mortgage brokers could face the same regulatory requirements as IFAs if they want to retain their independent status under FSA proposals for the regulation of mortgage advice released this week.One of two options for the regulation of independent brokers outlined in CP146, The FSA&#39s Approach to Regulating Mortgage Sales, is for independent brokers to […]

Admin costs rising on outdated systems

The cost of administering life and pension policies by providers rose last year, dealing a blow to companies trying to operate within the 1 per cent price cap.The average annual cost of administering a policy rose by 10 per cent to £28.27 in 2001 from £25.60 in 2000, according to research from software company Marlborough […]

Who will follow R&SA?

Who&#39s next? That is the question on everyone&#39s lips following Royal & Sun Alliance&#39s closure to new business. Offices without high-profile backers with deep pockets – even the biggest – are sure to attract scrutiny from IFAs in coming months.In R&SA&#39s defence, it is not in the same shameful camp as the old regime at […]


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