THE FINANCIAL Services Authority will not take any action against Equitable Life's former chief executive Roy Ranson because of his age.
According to the Scotsman, the mutual's member action group was yesterday left in shock after it emerged the regulator has decided to rule out investigating Ranson.
The FSA took the decision after it concluded Ranson is too old to investigate.
If the City watchdog would have gone ahead with an examination, the only "significant" punishment Ranson could receive would be to ban him from returning to a job in the City. But as he is 73, he is not likely to seek another position anyway.
A spokeswoman for the FSA told the paper: "We have decided not to take any action against Roy Ranson, or to launch an investigation into him as we do not believe it would be a good use of our resources."
RANSON MAY after the FSA's latest announcement be able to take a deep breath and sit back and relax. The average Briton, however, may on the other hand receive a wake-up call following a new research claiming a large number of people say they save or invest more money than they actually do, says the Times.
A JPMorgan Fleming Quality of Life Survey suggests 40% of adults intend to save and invest over the next 12 months.
That said, only 26%of adults increased their savings and investments over the last 12 months, while 23% even reduced the amount they put aside.
Jonathan Watts-Lay, the head of marketing at JPMorgan Fleming, said: "There's a clear gap between intentions and action where financial planning is concerned. When discretionary spending appears to be spurred on by renewed levels of consumer confidence, saving and investing appears to suffer."
MEANWHILE, FT reports an investment bank has predicted that house prices could fall by up to 15% if the upward trend in interest rates continues.
According to Goldman Sachs, a fall in nominal prices of 10-15% over two years beginning later this year is more than likely to happen.
Ben Broadbent, senior European economist at Goldman Sachs, said: "The housing market is over- valued - I don't think that's contentious - so it's vulnerable to a fall. What is uncertain is the timing and amount and what effect a fall would have on the economy."IFAonline
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