View more on these topics

Warning to Treasury over Sandler discord

An investment industry spokesman has hit out at the lack of cooperation between the FSA and Treasury over the Sandler suite of products.

Speaking at the Pep and Isa Managers&#39 Association&#39s London conference on The Future of Tax-incentivised Saving last week, Pima deputy chairman Clive Shelton asked a Treasury representative whether reports that the FSA was unhappy with the Sandler suite were true.

He also asked what impact this could have on implementing the Sandler suite.

Treasury head of savings and pensions Peter Betts, who was attending the conference in the absence of Treasury Financial Secretary Ruth Kelly, said he was unaware of such reports. But he said it was clear that there needed to be a close link between the sales process and the level of the charge cap.

Betts said the industry needed to show patience over the price cap, indicating that there might be a further delay to publishing the final details of the suite, due to appear in January.

He said a progress report would be available next month but gave spring 2004 as the likely timescale for more details.

Betts said: “We require cooperation from industry on Sandler and on the charge cap decision. It is important that it delivers a balance between value for the customer and industry. I would ask for you patience a little longer.”

Shelton said: “There are reports that the FSA are coming out against the Sandler suite. The costs of this for the industry are certainly significant. I have already heard of a number of major players who have decided not to offer the products if a charge cap is imposed. Surely this will leave the whole proposal and the industry in disarray?”


First State extracts strong opinion

FIRST STATE INVESTMENTS FIRST STATE GLOBAL RESOURCES FUND Type: Oeic Aim: Growth by investing globally in natural resources companies Minimum investment: Lump sum £1,000, monthly £50 Investment split: 100 per cent in natural resources companies Isa link: Yes Pep transfers: Yes Charges: Initial 4%, annual 1.5% Commission: Initial up to 4%, renewal 0.5% Tel: 0800 […]

Out of context

•”I know what you are thinking. What does an Essex man with a Massachusetts accent know about our industry?” – International Financial Data Services chief executive Charles Eppinger speaking to a conference audience. •”We are going to send out 1.7 million pieces of paper with cherubs on, plus only another 700,000 each year, probably on […]

Transfer boost as buyout rules bite

Transfer values from occupational pensions are rising by up to 50 per cent as new rules take effect. National IFA Millfield says a client who requested a cash-equivalent transfer value in November was quoted £362,573 – a 48 per cent increase on the £245,541 that was previously offered in March. Cash-equivalent transfer values received a […]

House prices up by 0.4 per cent in November

House prices rose by 0.4 per cent in November according to the Hometrack monthly survey. The average house cost £146,500 in November up from £145,900 in October. The highest house price rises occurred in Cumbria at 1.5 per cent, North London – 1.1 per cent, Hereford and Worcester at 0.9 per cent and mid Wales […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment