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Savings revolution announced
 Many
congratulations to one of Cicero Consulting's longest standing
clients—the Pep and ISA Managers Association (PIMA)—who
have secured the largest ever reform package to the ISA regime
since it was launched in 1999...
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The Stern Review: A stark warning to business
 This
week saw the launch of the long awaited Stern Review. With
both the Prime Minister and Chancellor endorsing the report,
it is clear that Stern is resonating loudly within Government...
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Insurance Contract Law and the End of Buyer Beware:
What
do the Law Commission proposals mean for caveat emptor?
 Back
in 2004, the Treasury Select Committee inquiry into restoring
confidence in long-term savings concluded that the retail
financial services industry has something of a poor record
when it comes to hiding behind small print and exclusions
hidden deep in the terms and conditions. Even if a consumer
took the time to read all the small print, the Committee argued
that the over-reliance on jargon would often render such an
exercise pointless to all but the most savvy consumer. While
the FSA talks of "information asymmetry" and the
solution coming in the need for financial education, that's
a long-term aspiration. Is there a quicker end in sight?...
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Disability Discrimination: The need for business to lead
on reform
 The
Welfare Reform Bill, introduced on 4 July 2006, is now in its
Commons Committee Stage. Consequently, the issues of employer
prejudice in the employment and workplace support of people
with disabilities are being repeatedly flagged up in the ongoing
discussions...
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Consumer frenzy:
Where does responsible lending fit into
the UK’s credit culture?
 Abbey’s
decision to lend couples five times their joint salary for
certain mortgages filled a lot of column inches earlier in
the week. Some argued that this was irresponsible and encouraging
excessive debt; others thought the critics of high income multiples
should get real. But while ‘debt’ is often talked
about, the distinction between secured debt (such as mortgages)
and unsecured debt (credit cards, store cards) is not often
made sharply enough. At this time of rising house prices, underpinned
by lack of housing supply, most people with a mortgage face
a fairly modest risk. But, with the financial pressures of
Christmas coming, we should not lose sight of the issues around
unsecured borrowing...
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Anticipation building over pensions reform
 We
haven't had the Queen’s Speech, nor the second Pensions
White Paper. We haven't even had the Pensions Bill itself. Yet
momentum around the reform package has gathered renewed pace
in recent days...
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MiFID: European Commission warns Member States to implement
on time
 The
European Internal Market Commissioner, Charlie McCreevy, has
recently reiterated his strong desire to ensure that the Markets
in Financial Instruments Directive (MiFID) remains on course
to be implemented next year. MiFID, one of the last major pieces
of legislation to be implemented as part of the EU’s
Financial Services Action Plan, aims to reduce barriers to
cross-border share trading, facilitating investment and stimulating
the EU economy. However, reaction to it has raised concern,
with some stakeholders bemoaning the potential costs of implementation
and some Member States claiming to be doubtful of completing
transposition on time...
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The rise and rise of biofuels
 Earlier
this year, the Swedish government announced its intention to
be completely free of its oil dependence by 2020, news which
left many environmentalist groups thinking along the same lines
for the UK. There are doubts as to whether Sweden will fully
achieve its goal on schedule, mainly centred around the need
to break its petrol habit; thus, its oil phase-out program
will be highly dependent on increasing the proportion of biofuels
it uses...
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