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A law unto themselves

At risk of being too controversial, do they really want us to be more like lawyers?

Those who introduced clients to Innovator One will be only too aware that matters have moved from one firm of lawyers acting in this case – against a firm of lawyers – to two firms of lawyers and now three.

This is a multi-millionpound exercise engaged in one purpose and one purpose only – to raid PI insurers’ coffers at the expense of common sense and personal responsibility.

The same was true of pension misselling when David Kenmir and his cohort from the FSA plundered PI insurance to “lay blame” and “pay claims” on contracts that had yet to mature in order to satisfy a political aspiration.

Endowments became another contrarian debacle, where thousands of people have made millions of pounds collectively at the expense of those who maintained their premiums and saw their contracts through to maturity. The legal profession was there at the back of it all.

Lehman Brothers, Keydata and NDFA will provide bread and milk for lawyers for years to come.

Are they really that good or just opportunists, like the firm of lawyers who want to charge the daughter of one of my deceased elderly clients £5,500- £6,000 for 35 hours at £150 an hour (which is my chargeout rate) to provide her mother’s probate for a £250,000 estate with no property and just liquid assets to deal with? That is nearly six working days to do a probate settlement.

O’Halloran & Co


Ignis set to offer absolute fund

Ignis Asset Management is looking at launching an absolute return fund as part of a widening of its fixed-income range, Money Marketing understands. It is believed that Ignis intends to offer the plan this summer and it is likely to be run internally rather than through one of the group’s three joint ventures. Ignis has […]

Reading matter

You can tell there is a public holiday approaching. By the time you read this, the FSA should have published a further instalment of the retail distribution review saga, expected to include final rules and long-awaited pronouncements on platforms. A clearing of desks, while creating the rest of the industry’s vacation reading, has become a […]

Regulator probing volume override deal

The FSA says it is looking into a potential breach of its incentives rules by a firm. In its discussion paper, Platforms: Delivering the RDR, the FSA says that there is a risk that platforms will compete for business from adviser firms by offering incentives which do not comply with the inducement rule. It says: […]

Finding value in UK equities

By Mark Martin, Investment Director & Head of UK Equities Register for a live update on 9 July at 14.30 with Mark Martin, who will be discussing Chancellor George Osborne’s ‘emergency’ summer budget, the UK equity landscape post May’s General Election and his outlook for the second half of 2015. Mark will also highlight the […]


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