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16 IFA firms in default

Sixteen IFA firms have been declared in default of the Financial Services Compensation Scheme.

The list includes Whitechurch Investment Services from Bristol, and Oaktree Financial Services from Nottingham.

Other firms in default are Leon Menzies, Buckhurst Hill;Stigenace Financial Services, Stevenage; Earl Kenneth Derrick, Nottingham; The Insurance Centre Limited, Northampton; Brian Thompson, Newcastle; HR Wilson & Partners, Hartlepool; Henry Knott Associates, Bolton; Wemyssfield Insurance Brokers, Kirkcaldy; Bone & Company (International), from Farnham; Lloyd Bentley, London; Bartlett Davies Bicks (Financial), Swindon, and Tudor House Financial Services, Wrexham; Askham Financial Services (Humberside), Scunthorpe; Miltonash, Swindon.

FSCS chief executive Loretta Minghella says: “It is important that consumers know there is a fund of last resort if they have a claim against a financial services firm. Without the FSCS, many consumers would have nowhere to turn.”


Massive cost of Sipp buy-to-let

Investors holding buy-to-let properties in Sipps could cost the Government £4bn, the equivalent of a 1p rise in income taxIf just 10 per cent of BTL investors move their properties into Sipps, the cost of tax relief on these properties will severely dent Treasury cashflow, warns Standard Life senior technical manager John Lawson.

Get on top of top-slicing

I am revisiting an old topic that still causes uncertainty, namely a comparison of the top-slicing position, where a client has gains under a single-premium bond effected with a UK resident insurer, compared with a bond effected with an offshore provider. I will also look at the position where a client has gains which are liable to capital gains tax in the same tax year.

Dish of the day

Lifesearch’s Kevin Carr had a close encounter with a cockroach at a fashionable London eaterie last week. He looked up to see one of the beasts nestled on his fellow diner Standard Life PR Peter Timberlake’s collar. After a brief flap, the insect was removed – it would have been served up in some restaurants.

Industry under fire over pension freedoms

By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]


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