Regulation

The British Insurance Brokers' Association (Biba) has called on the Chancellor not to raise Insurance Premium Tax (IPT) above its current level of 6% in the upcoming Budget on 21 March.

The UK economy is perpetually subjected to shocks and pressures, rendering hopes of maintaining financial stability indefinitely "over-optimistic", Monetary Policy Committee (MPC) member Paul Fisher said last night.

Shadow Chancellor Ed Balls has called for the government to cut pensions tax relief to 26% for people earning more than £150,000 per year.

The Financial Services Authority (FSA) has censured Bank of Scotland for failings within its Corporate Division between January 2006 and December 2008.

Lobby group Adviser Alliance has had its application for a judicial review into the absence of an industry long-stop rejected - but has vowed to continue the fight for a time-bar on complaints.

A shadow minister has claimed the FSA's Treating Customers Fairly (TCF) initiative has failed to adequately protect consumers.

The Financial Services Consumer Panel (FSCP) said it is "unreasonable" to expect consumers to understand complex financial products and services.

Bupa has become the second insurer to give further clarity about its complaints levels, suggesting providers may want further details to be published by the Ombudsman to put figures into a wider context.

Greg Becker fears the RDR may worsen consumer detriment as fewer people seek advice.

The private medical insurance (PMI) market's two biggest players have seen a rise in the number of complaints escalated to the Financial Ombudsman Service (FOS).