Special Risks Bureau has gone into administration following its acquisition by Risk Placement Services.RPS bought the niche insurance brokerage for an undisclosed sum last month in a deal that saw it take on SRB’s assets but not liabilities. RPS deputy managing director Geoff Tresman says it will honour any claims going through but any future liabilities will remain with the liquidator and any compensation must be clawed back from the remaining business assets or the adviser who sold the policy. Former SRB chairman Garry Heath says he and RPS felt it was the most appropriate solution to put SRB into administration and transfer the assets to RPS. He says: “Although it was not an ideal situation, that is the way we had to do it.” Tresman says: “There were outstanding relationships that could not be resolved and at the same time SRB was struggling to deal with the amount of business it was getting due to being paper-based and having a lack of appropriate IT systems.”
It is difficult to look at the Kent Reliance intergenerational mortgage as a product as it is more of an initiative. This idea is long on concept and short on detail. The only place I managed to find information on this mortgage is in the press as the Kent Reliance website had no information and […]
In my last few articles I have discussed a number of key issues which should be of prime importance to clients and, therefore, also to their financial advisers in various aspects of pension planning.
The Tories are floating plans to introduce a consumer disclaimer in the advice process for some products. At a meeting with the IFA Defence Union, Tory MP John Redwood said the idea was part of the “radical” agenda of his economic competitiveness group to reduce unnecessary regulation and help advisers. He said advisers should be […]
What was the background to the Charman case and the judgment?
Jelf Employee Benefits has given its initial thoughts on the chancellor’s 2014 Autumn Statement. The company is seeking to isolate the sections of the speech (and the supporting document) that are relevant to the employee benefits debate. The first such area is pensions related.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]