The Treasury is expected next month to release a proposed timetable for an overhaul of tax and inves...
The Treasury is expected next month to release a proposed timetable for an overhaul of tax and investment regulations following Ron Sandler's proposals for a suite of off-the-shelf stakeholder products.
The document, due on 9 October, will focus on the process of policy development rather than proposing draft legislation or setting out desired end results.
The stakeholder suite is expected to supplant Cat standards to some extent, with existing Cat standard tracker funds incompatible with Sandler's recommendations for 100% equity investments.
One area arising from the Sandler report that is not expected to be dealt with in the Treasury document is the proposed removal of the 5% deferred withdrawal rule on investment bonds.
The Treasury has indicated the deferred withdrawal rule is a Budget matter, which will go into Budget representations in exactly the same way as any other.
It will also not touch on the alterations Sandler suggested to the FSA's proposed defined payment scheme under its depolarisation plans as this matter is to be addressed by the FSA later in the year.
The FSA has been discussing with intermediaries the possibility of introducing a menu approach to remuneration as proposed by Aifa.
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Via The Exchange
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