Treasury

Financial secretary to the Treasury, Ruth Kelly MP, says the report into the near-collapse of Equitable Life places blame for its weakened financial position largely on the former appointed actuary and the society's managment regime.

The Penrose report into what went wrong at Equitable Life is being published on Monday by Ruth Kelly MP, the Treasury has just confirmed.

Financial promotion framework rules could soon require firms meet risk-based advertising regulations rather than the current sector-specific regime for product promotions, suggests the Treasury.

The Treasury today asks whether people working in Citizens Advice Bureau or other "voluntary advice centres" should be exempt from rules regulating profit-making businesses in order to widen access to financial advice.

Corporate IFAs face further competition from other "professional firms" if the government decides to loosen Financial Services and Markets Act rules regulating occupational pensions trustees' investment activities.