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Tories call for investigation into Government actuaries

The Shadow Chief Secretary to the Treasury Howard Flight is calling for a full investigation into the operation of the Government Actuary&#39s Department after the publication of the Penrose report yesterday.

He says the degree and extent of the department&#39s maladministration must be established so that the question of compensation can be properly addressed. And he emphasises that the Treasury should make good losses directly attributable to negligence or incorrect interpretations by the regulatory authorities.

He says: “There can be no doubt that the report provides unambiguous and compelling evidence of regulatory failure at the operational level.”


A family affair

I am due to retire in June 2004 at 60. I am a member of a pre1987 money-purchase pension plan insured with Scottish Widows, with earnings above the cap. The benefits are held within its with-profits fund and I am eligible for a guaranteed annuity. The guaranteed annuity is at a rate of £98.02 annuity […]

Menu is too inflexible, says Flight

Shadow Treasury Chief Secretary Howard Flight has criticised the FSA&#39s menu proposals and blamed Aifa for failing to push for a less rigid system. Flight believes the menu has been over-engineered and that Aifa has failed in its resolve to make the proposals as workable as possible for IFAs. He broadly welcomes the idea of […]

Chancellor moved goalposts, says Tories

Shadow secretary of state for work and pensions David Willetts says he is not surprised that Chancellor Gordon Brown&#39s estimate of the number of people affected by the lifetime allowance received scant support.He says: “By using the 20:1 factor for valuing benefits against the lifetime allowance instead of a more variable figure, he was always […]

Cape crusader

Talk about sleeping with the enemy. Prudential investment sales manager Andy Brown was laughing all the way to Cape Town recently, courtesy of Norwich Union. NU took its top salespeople on the jaunt for a week and allowed partners to come, one of whom is Brown. The Diary understands a high-level meeting was required to […]


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