§ Mr. LoveTo ask the Chancellor of the Exchequer (1) what plans(a) he and (b) the Financial Services
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Percentages of people aged 50 to 65 who are unemployed1 or economically inactive2—UK regions, 1997–2004 (three-month periods ending in May)3 percentage Region 1997 1998 1999 2000 2001 2002 2003 2004 Unemployed1 North East 4 4 4 4 2 3 3 3 North West 3 2 3 3 2 2 2 1 in which St. Helens LAD 3 2 2 4 4 4— 4— 4— Yorkshire and Humberside 3 3 3 2 2 2 2 2 East Midlands 3 2 2 2 2 3 2 2 Authority has for further regulation of with-profits fund schemes offered by insurance companies; and if he will make a statement; [186628]
(2) when the consultation by the Financial Services Authority on Treating With-Profits Customers Fairly, CP 207, will conclude; when the results will be published; and if he will make a statement: [186629]
(3) what research has been undertaken into the impact on mutual insurers of the proposals contained in the consultation on Treating With-Profits Customers Fairly; and if he will make a statement. [186630]
§ Ruth KellyInsurance regulation is the responsibility of the Financial Services Authority (FSA).
The FSA published Consultation Paper (CP) 04/14 on 19 August 2004 which provides feedback on CP 207 and makes revised proposals for further consultation. The FSA will continue to consult widely about its proposals, including among the mutual insurance sector. CP 04/14 specifically addresses a number of points made by firms within the mutual insurance sector in response to the first consultation.
The FSA will continue to monitor the impact on firms and consumers of existing and future changes to with-profits regulation.