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Page last updated at 15:22 GMT, Saturday, 29 November 2008

Lord Lipsey leaves FSCS

Lord Lipsey
BBC Radio 4's Money Box
Saturday, 29 November
at 1204 BST
On Radio 4 and Online

The chairman of the Financial Services Consumer Panel has resigned unexpectedly after six months in the post.

The Panel is an independent voice for consumers of financial services.

Lord Lipsey said on Friday that his plans to give the Panel a stronger role to represent consumers had been frustrated by the Financial Services Authority which it reports to.

And he admitted that his plans did not meet with the full support of all the other members of the Panel.

He joins us to explain why he feels he had to go.

Further information/related stories:



Alistair Darling holds the pre-Budget report document
This year's pre-Budget report is, in effect, an emergency mini-budget
Pre-Budget report

This week the chancellor unveiled a range of measures which he said would help families and pensioners on modest incomes.

Increases in child benefit were brought forward; child credit and pension credit levels were increased and pensioners and those with disabled children will get one off payments.

Anne Redston, visiting professor, Kings College and Gary Vaux, head of advice at Hertfordshire County Council, take us through what it means for our finances.

Further information/related stories:


David from Cambuslang, holding his home report pack
David is pleased with his Home Report, which cost him £705
Scottish Home Reports

Anyone living in Scotland selling a house from Monday will have to put together a Home Report.

It has to contain a number of key documents including a survey, energy report and completed property questionnaire.

In total that could cost Scottish sellers up to £1,000.

The introduction of Home Information Packs (HIPs) in England and Wales was mired in controversy with opposition from estate agents, lenders and consumer groups.

So how will they go down in Scotland?

Bob Howard has been to Glasgow to find out whether the introduction of Home Reports has managed to avoid the sort of controversy which has dogged HIPs in England and Wales.

Further information/related stories:


Pensions Minister, Rosie Winterton
Rosie Winterton announced a review of company pension schemes this month
Pensions

The new Pensions Act finally received its Royal Assent this week.

The key measures contained in it will come into force in 2012.

From then all employers will have to automatically enrol their staff into a pension scheme - either a private one or a new government backed Personal Account - which effectively will replaces the much criticised low cost stakeholder pension.

Pensions Minister, Rosie Winterton, and Malcolm McLean of the Pension Advisory Service discuss the details with us.

Further information/related stories:


Sign above a Nationwide branch
Nationwide will keep the Cheshire and Derbyshire building societies' branding
Deposit protection

New rules are now in place to treat customers of merged building societies in the same way as those of banks.

Until now, people with accounts at two different building societies which then merged would only have their two accounts protected by the one £50,000 limit.

The Financial Services Authority has now moved to allow people with money in more than one of the merged societies to keep a protection limit for each.

Money Box's Samantha Washington takes us through exactly how the new deposit protection rules will work and gives an update on customers with Icelandic banks.

Further information/related stories:


FSA Sign at their building in Canary Wharf
Most financial advisers are currently funded by commission
Financial advice

The Financial Services Authority (FSA) has published its latest thinking on improving the way financial advice is given.

It says it wants advisers to be more upfront about the type of advice they are giving, what the charges are and how they are calculated.

But it has rejected calls for the banning of commission based advice.

Many consumer groups say that financial advisers who charge clients sales commissions, rather than a fee, could be biased towards the products of those providers.

Jon Pain, managing director of retail markets at the FSA tells us more.

Further information/related stories:


BBC Radio 4's Money Box was broadcast on Saturday, 29 November 2008 at 1204 GMT.

The programme was repeated on Sunday 30 November 2008 at 2102 GMT.



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29 Nov 08 |  Moneybox


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