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The FSA has given the Falcon group a waiver for its PI cover. Will this open the floodgates for more firms?

“Yes, I don&#39t see why not. I see no problem with firms self-insuring, provided that firms have sufficient capital adequacy.”

John Crayden, Fleet Mortgage, Insurance & Finance services “No, I don&#39t think it is a good idea to grant waivers for this kind of cover. PI is important and people need to have adequate cover.”

Peter West, Fiveways Life and Pensions

“Yes, this case will set a precedent. Once a good case has been accepted by the FSA, there will be grounds for the others to be successful.”

Paul Tolfree, Savoy Financial Services

“No, this will not change things. The whole industry needs to be deregulated- it&#39s a farce.”

Brian Anderson, Fisher Financial

“Yes, I think there will now be a change. Hopefully, there will now be a change for the smaller IFA in the future.”

Bob Windust, First Option

“Yes, I think this will change things. We could be faced with the same situation ourselves when our cover comes up for renewal. We have been led to believe the FSA will be sympathetic.”

Stephen Hopkins, Firth & Scott Financial Services

“Yes, this can only be a good thing. Maybe if more IFAs self-insure, then the market will open up for more competition between brokers.”

Michael Griffiths , MG Care Executive

“No, I think the FSA assesses on a case by case basis and this will more than likely a one off.”

Martin Maloney, M&P Financial Consultants

yes 63%

no 37%


Another hold-up in RJ Temple stake talks

IFA RJ Temple has suffered another delay in its search for an investor to buy a stake in the firm. The closure of a new deal was due to be announced at the company&#39s annual conference in Lon-don last week but, as part of his introductory speech, chairman and chief executive Geoffrey Morphitis warned employees […]

Treasury shows willingness to listen on 1 per cent says ABI

The ABI has welcomed the Treasury&#39s willingness to consult on the 1 per cent cap revealed in its proposals for Sandler products.It has also welcomed the decision to treat the existing stakeholder pension as part of the Sandler package rather than create two types of simple pension product. The ABI says the Treasury proposals open […]

AITC attacks Higgs&#39 curbs on non-execs

The AITC says limits on non-executive directors proposed by the FSA and the Higgs review could damage boards running investment trusts. At the AITC director conference in London this week, director general Daniel Godfrey said boards could lose their better directors unless amendments are made for trusts. His main concern was the Higgs review&#39s recommendation […]

Rock sees record profits

Northern Rock saw record profits last year with an 18 per cent rise to £326m from £276m in 2001. Income rose to £561m from £476m. Gross mortgage lending rose to the highest-ever level for the firm at £14.1bn, with £1.5bn from the acquisition of Legal & General Bank. The lending figure was a 60 per […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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