Mixed Response Greets Savings Gap Initiative; Fsa Warns of Dangers in Withdrawing Protection

Summary

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THE government' s long-awaited "savings gap" initiative was unveiled yesterday to a recept-ion which suggested it is unlikely to be the much- needed breakthrough urged by insurers and consumer groups.

As expected Ruth Kelly, the Treasury minister, said the government hoped to see a new suite of stakeholder savings products to follow stakeholder pensions, but the 1% pension price-cap would be raised to 1.5%. The Financial Services Authority, meanwhile, would consult on how some products could be sold without the need for fully-trained advisers.

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Mixed Response Greets Savings Gap Initiative; Fsa Warns of Dangers in Withdrawing Protection

The Financial Services Consumer Panel warned that withdrawing consumer protection from the group most in need of it could spell danger, echoing one of t...

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