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Update for unit-linked asset rules

The FSA plans to widen the permitted link rules governing which assets the unit-linked insurance sector can invest in.

It says the rules have been in place for 13 years and have not kept up to date with market changes.It will replace them with principle-based rules, allowing investment in a wider range of assets, with a set of high-level rules for unit-linked insurance funds underpinned by some detailed rules on specific assets.

Director and retail policy and asset management sector leader Dan Waters says: “The permitted link rules are out of date, inflexible and difficult for firms and the FSA to interpret.”


Brown ignored warnings on £5bn a year pensions raid

Chancellor Gordon Brown’s £5bn a year pensions raid has finally come back to haunt him with the revelation that he ignored repeated warnings from his own officials about the long term damage it would have on savings.

Broker Talkback

Does the revelation that Gordon Brown was warned about the impact of his tax raid on pension funds undermine his challenge for the prime ministership?Yes 62.5% No 37.5% No “Probably not, I think most people think he is a bit of a weirdo anyway. He doesn’t seem to have a very good public perception, does […]

Imla reveals packagers are vital to brokers

Almost three-quarters of intermediaries submit some or all of their mortgage business via packagers, according to the Intermediary Mortgage Lenders’ Association.An average of just over 12 per cent of mortgage business is submitted to packagers by intermediaries, its latest survey reveals.More than 60 per cent of intermediaries said that they submit between 10 per cent […]

Scottish Widows offers retirement account

Scottish Widows has introduced the retirement account, a self-invested personal pension designed to suit a range of clients at different stages of their lives while providing adequate remuneration to advisers


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