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Treasury rethinks suite proposals to comply with ISD

The Treasury is to modify its proposals for the Sandler suite so they will comply with the Investment Services Directive, according to Ron Sandler.

Sandler told the select committee that he has been reassured by Treasury Fin-ancial Secretary Ruth Kelly&#39s team that it is looking closely at the requirement for inclusion of a suitability test in the range.

Negotiations between British MEPs and representatives from other EU countries ran into trouble last November when proposed amendments to the directive to remove restrictions on execution-only business failed.

Sandler said by focusing on regulating the products rather than the sales pro-cess they can be designed to effectively screen out people for whom they are not suitable in a similar way to deposit accounts.

In its current form, the ISD is a threat to execution-only business that could significantly impact on the cost of Sandler products. Conservative MEP Theresa Villiers has continued to lobby for further changes to the legislation which would exclude specific products and online share trading.

Sandler said: “It is inherently possible to screen out those for whom the products are not suitable. The ISD from Brussels implies suitability at the front end but I am told the Treasury team has invested a considerable amount of time in looking at this and it is now assumed that the ISD will not present a problem.”


Step reaches 10,000 members

The Society of Trust and Estate Practitioners has grown to more than 10,000 members. Step provider education and training for its members who specialise in trusts and estates, executorship and taxes. The group plans to introduce a new online technical database.

Why does the broker always get the blame?

I find it rather surprising that once again the big bad wolf in a misselling scandal is the IFA. I refer to what with hindsight are now called precipice bonds. Now it might just be that RJ Temple, Chase de Vere Financial Solutions and David Aaron were all a little too zealous in the promotion […]

NU increases rates on mortgage life insurance

Norwich Union is increasing rates on its mortgage life insurance with guaranteed critical illness cover by an average of 3 per cent. The change takes effect from this week, with angioplasty being removed from the list of conditions covered in line with other insurers. The maximum term has also been reduced to 25 years and […]

&#39Regulation will mean death of loan clubs&#39

Mortgage regulation will bring the death of mortgage clubs, claims Whitechurch Network chief executive Kean Seager. Seager says mortgage clubs are in a frenzy, trying to come up with a unique selling proposition post-regulation and the solutions they are coming up with will not be attractive for most advisers. He believes that in an attempt […]


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