The Faculty of Actuaries is looking to a ‘middle way' to stave off regulation that could see members lose the ability to set own standards for the profession, The Scotsman reports.
Reacting to proposals in the interim Morris Report published last year recommending an independent body be set up to oversee actuaries, Faculty president Harvie Brown has warned any moves by the FSA towards full regulation would be too “heavy handed”.
”Fears persist that the FSA, as the statutory regulator of the financial services sector, will still want a final say in the profession’s day-to-day running,” the paper writes.
Brown is pushing for an independent standards body, but one that will leave the profession to set the standards, the paper adds.
Morris’ final report is set for publication in the spring, but has already been critical of the actuarial profession’s role in the Equitable Life disaster.
RETAIL INVESTORS HAVE been cashing in their investments through the end of last year, according to latest IMA figures reported by The Daily Telegraph
Net sales of retail funds in November fell to £355.3m from £479.5m in the same month the year before.
Sales of Isas were up to £45.3m from £37.4m in October, but still well down on the £200m recorded for November 2003.
The Telegraph notes that in separate news funds research provider Lipper has declared actively managed retail funds outperformed index trackers last year.
BEWARE CREDIT card fees and charges reports The Times, citing figures published by Which? – formerly the Consumers’ Association.
Accordingly, about 25% of card holders were stung for up to £25 in fees and charges for late payments and going over their borrowing limits in the past 12 months – or some £400m overall.
The group also accuses card issuers of taking in £1bn through the sale of payment protection policies on personal loans: Which? says these are often mis-sold.
Card companies says the Which? survey only looked at a sample of about 2,000 people, against the 30 million card holders in the UK.IFAonline
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