CAT that could show its claws

Article Abstract:

An absence of entry and exit fees and a 1% management charge per year is likely to constitute the government's benchmark standard measure for the terms and costs of the planned new individual savings account. However, there is concern among providers that by awarding such a benchmark standard to an ISA the government may make consumers think that an ISA that invests in shares is as safe as bonds or cash. The benchmark conditions are only likely to be met by tracker funds anyway, which make up GB 6.77bn of the GB 45.45bn that is invested in UK managed funds. Most actively managed funds are likely to ignore the benchmark, creating a two tier market.

Comment:

UK: Absence of fees & 1% mgmt charge per yr is likely to constitute govt's benchmark std for planned new savings account

Commercial Banking, Savings Account Services, Savings accounts

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FSA backs down on pension review plan

Article Abstract:

A decision about whether the second phase of the pension review should include rebate-only cases has been delayed until October by the Financial Services Authority. The review, which seeks to identify cases where people were badly advised to take private pensions, initially started with older people who were nearing retirement but the second phase will look at younger people who were less badly effected. The decision by the FSA was welcomed by IFAs who feared that the inclusion of the rebate-only cases would have led to an excessive work load in the review. They argue that a separate third phase should cover these people.

Comment:

UK: Decision about whether 2nd phase of pension review should include rebate-only cases has been delayed until 10/98 by FSA

Pension Funds & Benefit Plans, Pension Funds

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