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Lords committee backs insurers on EU directive

The Association of British Insurers has also welcomed the House of Lords EU Social and Consumer Affairs Sub-Committee&#39s view that the European Commission should carry out a thorough impact analysis of its proposals before proceeding any further.

Stephen Sklaroff, deputy director-general of the ABI, says: “The Committee&#39s report supports the UK&#39s existing and robust sex discrimination legislation which allows gender to be used as a factor in insurance when the data is relevant, reliable and objective. The Commission&#39s proposals as currently drafted would have the perverse effect of forcing women to pay more for their motor and life insurance.

“The Committee is also right to take account of the special features of the UK&#39s annuity market, and to point out that the Directive would not help women in retirement. We endorse the Committee&#39s view that other initiatives are needed to close what we have called the &#39gender pensions gap&#39. We have recently proposed a package of measures to help achieve this.”

Sklaroff adds: “We are delighted that the UK government, and now the Committee, have taken such a clear stand on this issue, which is of huge importance to our customers.”


Icon Finance under fire for failing to pay fees on time

Icon finance has come under fire for failing to pay fees on time. One broker claims the Hampshire-based packager has delayed paying out £25,000 in proc fees. Icon Finance was previously known as Non-Status Mortgage Company, based in Surrey, but changed its name in April this year. One broker, who wishes to remain anonymous, took […]

Packagers must be authorised under the FSA

Packagers will have to be authorised under the FSA regulatory regime. In a letter to the Council of Mortgage Lenders seen by Mortgage Strategy, Eleanor Linton, head of policy and technical standards at the FSA, explains that where third party administrators carry out any pre-sale activity it will be considered to be &#39arranging&#39 and an […]

Alliance & Leicester reduces arrangement fees

The two-year fixed rate has a reduced arrangement fee and is available at 4.95%, fixed until December 30 2006. Customers can borrow up to 95% of the property value. The arrangement fee is £395, reduced from £595. A two-year discounted rate comes with a 2.40% discount off Alliance & Leicester&#39s standard variable rate. Mehrdad Yousefi, […]

…And meets with industry approval

Bob Riach, proprietor at Riach Independent Financial Advisers, says: “I&#39m reluctant to place any business with Abbey. I will not be advising clients to take an Abbey deal until it has sorted itself out.” Ray Boulger, senior technical adviser at Charcol, says: “An HBOS bid would have almost certainly been put to the competition authorities […]

Frexit & contagion risk in Europe

Many commentators have suggested that the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune’s Rob Burnett discusses the likelihood of this happening. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a guide for future […]


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