FSA

The Association of British Insurers has issued a consultation document outlining changes to some of the common definitions used in literature for Private Medical Insurance products.

Suffolk Life has questioned whether the regulation of Self Invested Personal Pensions put in place by the Financial Services Authority earlier this month will achieve all its aims.

The Financial Services Authority has issued a handbook notice confirming the ‘Age 70' rule will be removed with effect from the beginning of June.

The Financial Services Authority is looking at how regulation is acting as an 'unecessary barrier' to market development, and plans to outline its findings at the unveiling of the results of the retail distribution review in June.

The Financial Services Authority has slammed the standards being applied by firms conducting cold calls in the general insurance and protection arena and ordered firms to improve systems.

All intermediaries should soon be able to advise clients to hold term assurance policies beyond the age of 70 as it is anticipated a rule governing their regulation at sale could be removed as early as the end of this week.

The FSA has extended its pay-in-instalments scheme for firms for 2007/8.

A vocational qualification for administrators of Self Invested Personal Pensions (Sipps) and Small Self Administered Schemes (Ssas) has been launched by the Pensions Management Institute.

Towry Law says it is training its 500 advisers to degree standard following FSA concerns of "appalling" levels of education in the industry.

Firms which are seen by the FSA as being "well-controlled and managed" in terms of its regulatory processes could potentially see lower capital requirements and supervision as a result of adopting principles-based regulation.