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Last Updated: Friday, 14 January, 2005, 16:21 GMT
FSA begins insurance regulation
FSA: Front of building
The FSA will be imposing strict new rules on regulated firms
BBC Radio 4's Money Box was broadcast on Saturday, 15 January, 2005, at 1204 GMT.

The programme was repeated on Sunday, 16 January, 2005, at 2102 GMT.

The Financial Services Authority has taken over regulation of general insurance sales, advice and administration.

Regulated firms will be expected to meet industry standards, and consumers will have access to the Financial Ombudsman Service and the Financial Services Compensation Scheme should any problems arise.

From 14 January, three types of firm will exist:

How will this affect you?
How can you find out if the company that insures you is FSA regulated?

  • firms directly authorised and regulated by the FSA or the appointed representatives of such firms
  • firms that have an interim authorisation by the FSA
  • firms that are unregulated, such as travel agents and high street electrical retailers

    We spoke to Clive Briault, Managing Director of Retail Markets at the FSA.

    Further information:

    NHS pension consultation begins

    NHS workers are being asked for their views as part of a three month consultation on radical changes to their pension scheme.

    Unions have reacted angrily to the proposals
    In plans announced this week, NHS pensions could be based on a worker's average earnings rather than the amount they earn just before they retire.

    The normal retirement age could also be raised from 60 to 65.

    Meanwhile, the TUC has said it plans to make Friday, 18 February, a day of campaigning against the plans.

    Unison has also voiced its concern at the "detrimental changes" and said it was "determined to keep up the pressure on the government".

    Samantha Washington talked to NHS Employers about the plans, and gets reaction to the announcement.

    Further information:

    Claiming for storm damage

    Insurance companies reported a surge in enquiries after strong winds and rain caused widespread damage to property.

    Malcolm Tarling of the Association of British Insurers gave his advice to people wanting to make a claim.

    Further information:

    Conservatives' reveal pension 'option'

    The Conservative Party has become the first to consider restoring the dividend tax credit for pension funds which the government controversially removed in 1997.

    The party has included the proposal in "six options for action" to encourage a savings culture which they say was "killed off by Labour".

    Further information:

    MMO2 offer to small investors

    Mobile phone group MMO2 is to make an offer to buy out small investors in order to reduce the fragmented nature of its shareholder base.

    It is offering to buy back shares at an extra 5 pence per share. Investors can remain shareholders, but they must tell the company by 9 March. If they do not, they will get the cash automatically.

    Further information:

    Revenue website suffers problems

    Money Box has discovered that the Inland Revenue self-assessment website has not been working, just two weeks before people have to get their forms in.

    Listeners have been e-mailing to say the site was down, and the Revenue confirmed to Money Box that there was a power failure on Saturday morning.

    But they said that the systems should be up and running some time during Saturday afternoon.

    Presenter: Paul Lewis
    Producer: Jennifer Clarke
    Reporter: Samantha Washington

  • Money Box



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