Political rumblings about the Equitable Life scandal

Posted on August 27, 2013 No Comments

A report by the Commons Public Accounts Committee (PAC), says that up to 236,000 pension savers with Equitable Life, which collapsed in 2000, or one in five policyholders, might not be traced before what it calls an “arbitrary” deadline of March 2014 for the Government compensation scheme. The seventeenth report from the Public Affairs Committee, […]

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Out with the FSA and in with the FCA – will it work?

Posted on February 14, 2013 No Comments

As legislation from the Finance Services Act 2012 comes into force on 1 April 2013, two new regulatory bodies, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), both under the direction of the Bank of England, are expected to formally replace the Financial Services Authority (FSA) in a major reform of the […]

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Reforming UK Financial Regulation

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The Financial Services Act, which received Royal Assent on 19 December 2012, establishes a framework for a new system of financial regulation in the UK. A single institution, the Bank of England, will have the responsibility, authority and tools to monitor the UK financial system as a whole, and respond accordingly. The reforms will also […]

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FSA to raise consumer awareness of deposit protection

Posted on February 8, 2012 No Comments

The Financial Services Authority (FSA) is making it obligatory for all banks, building societies and credit unions in the UK to prominently display, in every branch and on every website, how much compensation savers could claim in the event of an institution failing. This is part of a continuing effort by the FSA and the […]

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