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The FSA has told investment companies to be fair to their policy holders.
Tighter rules will be imposed on investment firms that offer with-profits policies to consumers.
Investment companies selling with-profits policies need to give consumers a better deal, according to the Financial Services Authority (FSA).
The FSA is planning to create a set of stricter rules concerning the way that firms manage their with-profits funds including the reduction of punitive fees charged to consumers who cash-in on their policy early.
The FSA has told investment companies to be fair to their policy holders.
Tighter rules will be imposed on investment firms that offer with-profits policies to consumers.
Investment companies selling with-profits policies need to give consumers a better deal, according to the Financial Services Authority (FSA).
The FSA is planning to create a set of stricter rules concerning the way that firms manage their with-profits funds including the reduction of punitive fees charged to consumers who cash-in on their policy early.
February 28th, 2011
Banks need to let customers know that appointing an executor is not necessary when writing a will.
Consumers are spending extra on executors and failing to shop around.
Four high street banks will review the way they sell will-writing and executor services following the Office of Fair Trading's (OFT) concerns that consumers do not fully understand the process.
Royal Bank of Scotland, HSBC, Barclays Bank and Lloyds Banking Group will improve their practices after the OFT found that some customer were appointing professional executors without recognising the alternative options available and the expense that would be involved.
February 27th, 2011
Some banks fail to give ISA customers the proper advice on moving their money.
A mystery shopper style investigation has revealed that some high street banks do not have enough knowledge on cash ISA transfers.
The quality of advice on cash ISAs provided by banks and building societies is shockingly poor, according to a consumer website study.
Which? Money carried out an investigation on the level of advice lenders provide to customers who want to know more about ISA transfer rules. Thirteen of the top ISA providers were called by a selection of mystery shoppers who asked them four simple questions, such as 'how do I transfer my ISA?' and 'how much can I transfer?'
February 26th, 2011
One more MPC policymaker has voted to raise interest rates.
Following the poor UK inflation figures Spencer Dale is now supporting an interest rate rise.
Another member of the Monetary Policy Committee (MPC) has voted for an interest rate rise, adding to the existing tally of policymakers who now support a rate hike.
Spencer Dale has joined the ranks of fellow members Andrew Sentance and Spencer Dale who have been calling for a rise for months. However, six of the remaining policymakers at February's meeting voted to keep the rate at the ...
February 25th, 2011
