The Financial Times carries an interview with Paul Myners following his report on the pensions indus...
The Financial Times carries an interview with Paul Myners following his report on the pensions industry: "Pension funds and their advisers who fail to sign up to a new voluntary code would risk an 'inadequate' performance that harms the financial interests of millions of ordinary people," reports the paper.
The FT goes on to quote Myners: "I think, quite frankly, that not to rise to the challenge of complying to the principles [of the code] is to accept a performance standard that is inadequate."
Still on pensions, this time mis-selling, the FT reports that the PIA has given permission for a test case by a "small financial adviser". The case will centre on whether the windfalls from demutualisations should be taken into account when compensating people who have been sold inappropriate pensions.
According to the FT "the adviser has admitted mis-selling a Norwich Union pension. But the customer received £12,000 of NU shares when the life assurer, now part of CGNU, converted to a plc". The case is expected to be heard in the summer.
The Daily Telegraph reports further delay in the setting up of the new-look all-encompassing Financial Services Authority after mounting pressure from City firms who claim they need more time to prepare for the legislation. "Economic secretary Melanie Johnson said yesterday that a 'revised' timetable would see the Financial Services and Markets Bill come into force 'no later than the end of November'. 'As soon as I am in a position to announce the actual day... I will do so.' Previously the Government hoped the FSA would kick off by the summer."
The Telegraph also notes the Government announcement yesterday of an Inland Revenue/pensions industry review to cut red tape for occupational pensions. The findings of the review will be made known to ministers in February 2003. The Times says the review will concentrate on defined benefit company plans, and quotes Johnson speaking at the investment conference of NAPF: "The result should be a package of practical options for the simplification of occupational pension schemes which will benefit all involved."
On the performance of the world's stock markets The Independent says: "Global equity markets took comfort after Nokia, the world's largest mobile phone maker, said its first-quarter earnings would be in line with its earlier estimates."
It also notes that "Iceland, the food retailer, delivered its third profits warning in three months and said that the level of exceptional charges identified for the current year had doubled since January."
Taking the time to look
After 14-month FAS programme
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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