Tory backbencher Gregory Barker has tabled three written questions to Parliament about the the FSA, asking about future plans for reform, staff expenditure and malpractice.Treasury economic secretary Ivan Lewis said that apart from the complaint received by the Parliamentary Ombudsman alleging maladministration in respect of the prudential regulation of Equitable Life, there have been no issues regarding malpractice. He said the investigation of this complaint, covering regulation of Equitable Life under contracting-out arrangements from January 1999 to December 2001, is continuing. He also said a previous statement of complaint against the FSA for this period found no maladministration. Lewis added that following the review of the Financial Services and Markets Act, the FSA has been working to further refine its cost-benefit analysis and implementation. He said that as the FSA is operationally independent of the Government, expenditure on human resources and staff pay are a matter for the regulator’s board.
Sam Shaw talks to Abbey’s chief executive (insurance and asset management) who says working in Italy has given him a cynical view of the UK finance industry which he accuses of ‘xenophobic arrogance’. He talks avidly about working with Mark Weinberg and Mike Wilson and forecasts a wrap explosion in a year’s time.
Isis Equity Partners is raising up to 22m for the Baronsmead VCT 3 through a C share issue to expand the venture capital trust without diluting its existing portfolio.
Downing Corporate Finance
Pennine Aim VCT 6
Downing Corporate Finance has established the Pennine Aim VCT 6, a venture capital trust that has an inheritance tax option after three years.
Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]