The FCA and ABI are the problem, not the solution regarding Annuity Mis-selling.
I have just finished dealing with the Ombudsman over the sale of an annuity by Clerical Medical that did not take account of my poor health. There is a very important issue in the process for claiming compensation that needs to be brought to the attention of someone who can influence the FCA, because they are part of the problem.
The outcome is that the Ombudsman cannot help because CM included a booklet in their retirement pack which does include a small paragraph about enhanced annuities. According to the Ombudsman that is all they were required to do at the time and he cannot retrospectively consider ABI and FCA guidelines that are now in place, but were not at the time under the FSA.
So the consumer’s interest is lost because the FSA can be blamed for not requiring the Insurer to do more, even though the FCA has recognised that they should have done more, and must now do more under new guidelines. The same applies to the ABI.
How can we expect the regulator to protect the consumer when it is the regulator’s guidelines that were inadequate. They have now issued adequate guidelines but the Ombudsman cannot apply them retrospectively.
So, like so many other situations, either the Insurer or the FSA, or both, were to blame but the consumer cannot get redress because the FSA/FCA/ABI will not make themselves liable for the inadequacy of their guidance that they have now, belatedly, upgraded.
Why do politicians focus on detail and ignore the big picture. You are an economist. Bill Clinton’s comment applies to pensions too.
Whether it be through investment returns or taxation, working people pay all our pensions.
We are not developing our intellectual capital. We are the only country to have fallen down the OECD PISA survery rankings every single year since inception.
I have been to many seminars and what strikes me is the intellectual power of the people employed in complying with legislation.
We are not developing our intellectual capital and the intellectual capital we do have is not being used to produce things people actually want to buy.
In order to pay pensions you first have to have the money coming in, which brings me back to Bill Clinton.
2 thoughts on “Maiden Speech in House of Lords”
The FCA and ABI are the problem, not the solution regarding Annuity Mis-selling.
I have just finished dealing with the Ombudsman over the sale of an annuity by Clerical Medical that did not take account of my poor health. There is a very important issue in the process for claiming compensation that needs to be brought to the attention of someone who can influence the FCA, because they are part of the problem.
The outcome is that the Ombudsman cannot help because CM included a booklet in their retirement pack which does include a small paragraph about enhanced annuities. According to the Ombudsman that is all they were required to do at the time and he cannot retrospectively consider ABI and FCA guidelines that are now in place, but were not at the time under the FSA.
So the consumer’s interest is lost because the FSA can be blamed for not requiring the Insurer to do more, even though the FCA has recognised that they should have done more, and must now do more under new guidelines. The same applies to the ABI.
How can we expect the regulator to protect the consumer when it is the regulator’s guidelines that were inadequate. They have now issued adequate guidelines but the Ombudsman cannot apply them retrospectively.
So, like so many other situations, either the Insurer or the FSA, or both, were to blame but the consumer cannot get redress because the FSA/FCA/ABI will not make themselves liable for the inadequacy of their guidance that they have now, belatedly, upgraded.
Why do politicians focus on detail and ignore the big picture. You are an economist. Bill Clinton’s comment applies to pensions too.
Whether it be through investment returns or taxation, working people pay all our pensions.
We are not developing our intellectual capital. We are the only country to have fallen down the OECD PISA survery rankings every single year since inception.
I have been to many seminars and what strikes me is the intellectual power of the people employed in complying with legislation.
We are not developing our intellectual capital and the intellectual capital we do have is not being used to produce things people actually want to buy.
In order to pay pensions you first have to have the money coming in, which brings me back to Bill Clinton.