The company set up to process split-cap compensation claims received 39,500 completed application forms by the July 18 deadline.Forms were distributed at the end of April by Fund Distribution, which expected to get around 50,000 applications. Fund commissioner Mike Ellis says the applications will now be assessed to determine eligibility for compensation. Investors suffering aggregate losses over 250 from eligible funds will be offered compensation in the autumn. The amount they receive will be reduced by any payments already received in mitigation of their losses. Twenty firms paid 144m into the fund after it was set up in December 2004. Investors must waive rights to pursue future claims although some investors are thought to be keen to pursue separate legal claims. Ellis says: “To get 39,500 applications in three months from a standing start is phenomenal. We now have a big task of processing ahead of us.”
Standard Life is releasing its claims statistics for testicular and prostate cancer to raise awareness of the diseases. Testicular cancer is the most common form of cancer for men and accounted for 23 per cent of all male cancer claims at Standard Life in 2004. The insurer paid out 1.5m on 17 claims, with one […]
Friends Provident is introducing a lifetime nil-rate band trust with the intention of reducing clients’ inheritance tax liabilities by up to 110,000. The trust will initially be available only to married couples. However, it will be opening up to registered same-sex civil partners from December 5, 2005. Friends Provident says the trust will allow clients […]
Experts say the UK investor is unlikely to be significantly affected by last week’s second attempted terrorist attack on London, despite an ongoing consumer slowdown. F&C UK growth and income manager Ted Scott says even prior to the first bombings of July 7, the downturn in the strength of the UK consumer market was evident […]
Henderson has poached former head of UK equities at Threadneedle Graham Kitchen to head its thema- tic team. Kitchen has been tasked with improving equity performance at Threadneedle for the past nine months. At Henderson, he will report to head of equities Andrew Formica who has been with the firm for 10 months. Kitchen also […]
Alex Ralph, manager of the Artemis High Income Fund, talks about high-yield bonds in the US and Europe – and why she favours the latter.
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Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]