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Watson Wyatt attacks actuary proposals

Watson Wyatt has slammed the FSA proposals to change the role of an appointed actuary, saying they will not strengthen regulation or protect consumers. It believes the FSA&#39s plans, announced in its with-profits paper, to remove an actuary&#39s monitoring responsibilities weakens the protection for consumers. It also says passing the duty to report on reserves to auditors is a bad step given the recent concerns over the effectiveness of the audit process. The firm wants to see the introduction of an independent actuarial review. &#39Woolwich going back on Open Plan vow&#39


A consumer&#39s view

The FSA&#39s review of with-profits is a damp squib, a missed opportunity and has been described by the Consumers&#39 Association as “naive and pathetic”. Many observers may think this is the understatement of the year.Howard Davies, the chief executive of the FSA who conducted the review, has failed to deal with most of the fundamental […]

Axa IoM&#39s offshore bond offering hedge Fof for cautious investors

Axa Isle of Man is launching a new offshore bond designed for cautious investors which invests in a fund of hedge funds.The defensive bond is an offshore unit-linked single premium bond investing in a low-risk fund of hedge funds. It aims to provide a return two to three times better than cash with low volatility.Axa […]

Base rate remains the same

The Bank of England&#39s Monetary Policy Committee has announced it is leaving the base rate unchanged at 4 per cent for the seventh consecutive month. The decision came despite calls for the rate to go up to cool off the housing market, but the MPC&#39s decision is thought to have taken into account zero UK […]

SLI boosts sales by 42%

Standard Life Investments saw sales rocket by more than 40 per cent in the six months to May after it won several new mandates.Total sales rose by 42 per cent to £1.7bn from £1.2bn in the same period last year as funds benefited from the addition of mandates including the £220m segregated property portfolio of […]


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