Treasury

The Treasury is changing the rules governing the status of friendly society investment plans so policyholders are not penalised if the business is transferred to another insurance company.

Financial advisers have reacted angrily to the government's decision to review the rules around the sale of standalone life cover with tax relief, otherwise known as pensions terms assurance (PTA.

Several protection providers have already pulled out of the pension term assurance market this morning and more are expected to do so later today, following comments in the Pre-Budget Report suggesting the product was being misused.

The Chancellor Gordon Brown is due to give his 10th Pre-Budget report this afternoon starting at around 12.30pm.

The Treasury has announced funding of £1.2m to provide extra enforcement teams to tackle the problem of illegal money lending as part of its work into promoting financial inclusion.

Ed Balls has weighed in on the debate over IFA commissions by offering his support for Financial Services Authority's review of distribution but suggesting most financial advice is "about selling products".

A handful of high profile MPs have written to the Treasury and the Financial Services Authority expressing support for Symponia's campaign to tighten the regulation of long-term care.

The Treasury Committee announced last week it wants to extend the Citizens Advice Bureaux's project of working with IFAs on a pro bono basis as part its work on promoting financial inclusion.

The Treasury is clawing back millions of pounds in tax from a government fund set up to help people whose occupational pension schemes collapsed, according to the Scotsman .

Joint proposals aimed at minimising the administrative burden on insurance groups operating in the EU have been put forward by the Financial Services Authority and the Treasury.