Labour wants new Consumer Bill to stop 'rip-off' pension charges

30 April 2012 3:53 pm | By Steve Tolley

Labour leader Ed Miliband says he would introduce a new Consumer Bill to give the Financial Conduct Authority powers to stop "rip-off surcharges" by banks and pension companies.

Speaking at an event in London ahead of this week's local elections, Miliband laid out what the party would announce in next week's Queen's Speech if it were in power.

He said: "Labour's Consumer Bill would give new powers to the Financial Conduct Authority and Competition and Markets Authority to stop rip-off surcharges by banks, low-cost airlines and pension firms."

Under current proposals the FCA is intended to be a "value for money" regulator. It will not directly regulate prices but will try to spot consumer detriment and flaws in competition by looking at "comparative prices".

In February, shadow Treasury financial secretary Chris Leslie said he wanted the FCA to regularly review product pricing and make recommendations to ministers if it identifies a need for intervention.

Hargreaves Lansdown head of pensions research Tom McPhail says most pensions are good value for money and that additional undisclosed costs mainly relate to the buying and selling of investments and regulation does not require them to be disclosed.

He adds: "Ironically one the most significant undisclosed charges on pensions is the stamp duty levied on share purchases. This money goes straight to the government. Is Ed Miliband proposing to scrap this tax charge? If so I think we should be told.

"It seems you do not have to be posh to be out of touch."

Miliband first raised the issue of pension fees and bank charges in January as part of an attack on "rip-off" Britain. He warned against "underhand and predatory" practices and said if pension charges do not come down he would push for them to be capped, though the practicality of doing so was questioned by advisers.

Miliband also said this morning that the party would reverse the cut in top rate income tax to 45p and use the money to help those hit by the "granny tax".

If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and

  • Previous Page
  • 1
  • 2
  • Next Page

View results 10 per page | 20 per page

Read More @ Source

Is Kony 2012 FRAUD? Just Asking Questions!

Follow on Twitter: @ChrisWritingNow Related Article: www.redpillphilosophy.com www.redpillphilosophy.com This video does not claim to know these things for sure: I am just ASKING QUESTIONS. Only those who are insecure about the truth are offended by QUESTIONS! Is the Kony 2012 movement a fraud designed to justify another US military invasion into another country? With oil reserves in Uganda speculated to be as large as those in Saudi Arabia, it wouldn't be a surprise. The Kony 2012 movement is VERY popular and seems to have a good intention. Let's just make sure we don't repeat history. QUESTION EVERYTHING, then you can support it!

Video Rating: 4 / 5



Fraudulent Stories Here

Comments

Post a Comment

Popular posts from this blog

Woman pictured in Te'o hoax talks about perpetrator

Image
Two of the people linked to an expansive hoax involving Notre Dame linebacker Manti Te'o attended the same Antelope Valley high school, according to the Southern California woman whose photos were used in the ruse. Diane O'Meara, who now works in marketing at STN Media Group in Torrance, spoke to NBC's "Today"  about the incident in a segment that aired Tuesday. In the segment, she said she met the supposed hoaxer, Ronaiah Tuiasosopo, in high school but added that the two were not friends. Paraclete High football coach Norm Dahlia confirmed to The Times that Tuiasosopo played quarterback for the Lancaster school in 2007. A Deadspin.com report published last week first revealed the hoax but did not name O'Meara. The report claims that Tuiasosopo used photos of a girl he met at Paraclete High School in Lancaster as part of a Twitter account for a "Lennay Kekua," a fake woman whom he connected with Te'o. "My name is not Lennay Kek...
Keep reading

Iran Denies Space Monkey Phony

Image
After Iran announced last week that it had launched a monkey into space, web sleuths compared before and after photos of the furry astronaut and cried hoax. They claimed the monkey that made public appearances after the space flight in a bespoke suit looked nothing like the animal that had been shot into space, which seemed to have lighter fur and a mole above its eye. Did a monkey die in flight, asked the conspiracy theorists? Or did no primate ever leave the ground? Now the Iranian space agency has stepped forward to clear up any confusion. According to space official Mohammad Ebrahimi, it's true that the pictures don't match, and that they show two different monkeys. But Ebrahimi said that's not because of a hoax – it's because the pre-flight photo of a light-furred monkey was actually an archival photo and not a picture of the actual animal, Pishgam, who rode the rocket. According to the Iranians, Pishgam took a 20-minute flight and returned to earth s...
Keep reading

College Place Police Call Walmart Bomb Threat a Phony

Image
COLLEGE PLACE, Wash. - College Place Police are investigating an apparent bomb threat hoax at Walmart over the weekend.   Saturday night, police say the College Place Walmart called 911, reporting a bomb threat the store received, set to go off at 6:19 on Sunday morning. Officers and the College Place Fire Department arrived on scene and evacuated the store just before 1 AM that night. Officers and firefighters stayed there overnight blocking the doors, and didn't allow customers or employees back in until 7 AM.   Police say 6:19 came and went, but nothing exploded, no one got hurt, and they couldn't find any sort of explosive device, leading officers to believe the incident was an apparent hoax. Police say they don't know who made the threat, and while they're looking into leads, they don't have any potential suspects yet. Walmart returned to business as usual after 7 am on Sunday. Read More @ Source Sonic CD 510 (Earlies...
Keep reading