Mark Garnier

Tax-free lump sum could be abolished in ISA-style system

A group of MPs will next year evaluate the impact of the Retail Distribution Review (RDR) - with a particular focus on the ban on commission - in what represents the first independent, external probe into the RDR's influence.

CONDENSED

Conservative MP Mark Garnier has expressed frustration at the confusion over whether it is politicians or regulators who are responsible for determining if the financial advice industry re-introduces a long-stop on complaints.

The Association of Independent Financial Advisers (AIFA) is still hopeful of more amendments to the Financial Services Bill, including the reintroduction of a long-stop, after the legislation progressed through its latest stage.

An FSA promise to re-visit the absence of a time limit on complaints in financial services "seems to have slipped off the radar", according to MP Mark Garnier, who has pledged to take the regulator to task on the issue.

Mark Hoban, the Treasury financial secretary, has defended the FSA's "pre-empted" response to a recommendation by the Treasury Select Committee (TSC) to delay the Retail Distribution Review (RDR) by one year, saying it does not mean the regulator considers...

Hector Sants, chief executive of the Financial Services Authority (FSA), has admitted accountability issues with parliament and apologised for ill-feeling caused by the FSA's refusal to delay the retail distribution review (RDR).

Just 16 MPs have signed an Early Day Motion (EDM) in Parliament calling for an immediate review of the FSCS.

In the round, levels of capacity and ageism. We go step by step through the TSC's grilling of the FSA on the RDR.