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Treasury to consult on PI Euro rule exemption

The Treasury will consult on plans to allow IFAs to become exempt from a new European law that could push up PI bills by thousands.

The Treasury has revealed its intention to ask financial services firms whether intermediaries could be spared implementing the Markets in Financial Instruments Directive.

The rule, which affects all securities and futures firms, alternative trading systems and investment exchanges, is due to come in to full effect in 2007.

It could have the effect of increasing PI cover for IFAs by several thousands of pounds as it cracks down on price transparency on collective investments.


Axa restores faith in service

We are all now wearyingly familiar with the dire and ever worsening standards of admin and service from virtually all the once stalwart life offices, in particular on existing business.

First State takes Aim

First State Investments is raising up to 20m for its Aim VCT, a venture capital trust which invests in the alternative investment market.


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