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Virgin warns on enforcement of moratorium

A robust system of checks will be required to effectively police the life industry&#39s five year moratorium on using the results of genetic tests.

The warning comes from Virgin direct, which points out that the moratorium is voluntary and not compulsory and that the complaints mechanism set up to deal with breaches lacks teeth.

Virgin Direct spokesman Andrew Stronach says: “The new code is just a beefed up version of the ABI&#39s previous code and that was shown to have been side-stepped by insurers.”


EU opens up more funds to UK IFAs

IFAs will have a broader range of funds at their disposal under a new EU investment fund directive, commonly known as Ucits II, approved this week.In a first step towards an integrated single market for financial services, investment managers will be all-owed to market their funds across the EU after registration with that country&#39s regulatory […]

Autif calls for reform of offshore legislation

Autif has called for the abolition or substantial reform of offshore fund legislation in its pre-budget submission. The trade body says the current offshore tax rules are outdated and now unnecessary. The submission also calls for the abolition of Stamp Duty Reserve Tax on fund of funds, which it says renders them at a considerable […]

Life offices lose plea to add Serps onus on IFAs

The PIA has rejected calls from life offices to reconsider proposals on meeting the cost of recalculated redress on Serps transfers in phase two of the pension review which product providers felt were too generous to IFAs.The method of meeting the additional cash to policyholders who are entitled to recalculated redress, estimated at up to […]

FSA is swinging towards single pricing for funds

The FSA is considering an overhaul of unit trust and Oeic regulations to bring single pricing and greater transparency to fund dealing.In a discussion paper this week, the FSA says research reveals investors are confused by dual pricing structures.Single pricing is the standard for Oeics but most unit trusts operate dual pricing. The FSA is […]

Japan: mid-year review and outlook

By Chris Taylor, Manager of the Neptune Japan Opportunities Fund H1 2014 Economy: after a harsh winter that slowed activity in the economy, the main event of the first half of the year has been the debate over what impact the 1 April VAT hike from five to eight per cent would have; we are […]


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