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£2bn accepted in phase two of pensions review

The FSA has announced that £2.2bn has so far been accepted by consumers in Phase 2 of the pensions review.

IFAs are responsible for £266m of the total, with direct providers making up the balance. Of that, networks and large IFAs have handed over £213m and small firms £53m.

Of the 873,000 cases found to be reviewable, just under half or 373,000 have been completed and of those 260,000 have accepted compensation.

The regulator says there is much work to be done by certain pockets in various distribution channels if they are to meet the June 2002 deadline.


Blow for Lazard as portfolio service staff move to Jupiter

Lazard Asset Management was dealt a major blow last week with the loss of three high-profile members of its personal portfolio service to Jupiter. The service is widely seen as the backbone of Lazard&#39s UK operations and includes the Lazard growth portfolio, income portfolio and worldwide portfolio funds, which total more than £50m in funds […]

Yorkshire BS assets boosted as lending doubles

Yorkshire Building Society claims to have returned an estimated £90m to members in the form of lower mortgage rates and higher savings rates last year. The society says the amount given back to members now stands at £350m over the last five years. Announcing the details in its annual results last week, Yorkshire said it […]

Paradigm lost

Balderdash, bunkum, mumbo jumbo. It is all around us. We live in a world full of jargon and nonsense and financial services is no exception. A mountain of research shows that financial jargon stops private investors from putting their money into shares. It is also a major hurdle to be overcome in the world of […]

Finance centres aid law firms

Solicitors for Independent Financial Advice is setting up a company aimed at helping solicitors cope with the changing financial services side of their business. A network of Solicitors&#39 Financial Centres will help to guide solicitors through new legislation such as the Trustees Act and pension sharing on divorce, which is leading them to work more […]


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