View more on these topics

A&M warning to advisers

IFAs could face misselling claims if they fail to advise clients to amend trusts during the Chancellor’s two-year grace period, warns Fishburns Solicitors.

Speaking at the Fishburns financial advice seminar in London last week, solicitor Harriet Quiney said that Gordon Brown’s recent attack on accumulation and maintenance trusts creates significant legal risks for solicitors, accountants and advisers.

She said that the introduction of periodic and exit charges on existing trusts means that advisers will have to be active in ensuring that clients amend the trusts before April 2008 or risk the wrath of the FSA.

She also said that people with limited life expectancy should be advised to review their wills immediately to ensure beneficiaries are not left with unexpected tax charges, and advisers are not left with claims.

Quiney said: “Two years seems like a long time but firms will need to contact all clients who have set up accumulation and maintenance trusts to ensure that they are aware of the changes and to provide advice going forward. If firms fail to contact clients then it is inevitable that claims will follow.”

Fishburns partner Andrew Davis also spoke at the event to give a legal warning over the anticipated raising of the 100,000 limit for Financial Ombudsman Service awards, suggesting it could lead to professional indemnity insurers moving out of the sector.

An announcement over the rise is expected in the next few weeks and Davis said that the higher the limit rises the harder it will be to accept the decision making criteria of what is “fair and reasonable” when legal principles are being overridden.

Davis said: “One has to question whether a higher award with no improvement on the forensic investigation of complaints will cause disproportionate un-fairness.”


Psychologists probe consumer minds

Psychologists will next month meet with industry experts to explain how the industry can engage more effectively with consumers and gain their trust.Professor George Loewenstein, professor of economics and psychology at Carnegie Mellon University, will headline the Financial Services Research Forum summer meeting on June 27 in London.Along with a group of experts, he will […]

SocGen sets up roadshows on warrant trading

Societe Generale is embarking on a series of UK road shows for advisers and investors which will aim to teach delegates about covered warrant trading.The global market for corporate warrants exceeded 200bn last year but warrant trading is still a relatively undeveloped market in the UK, according to SocGen.Last October, the London Stock Exchange saw […]

Home-grown talent

The success story behind Buckles’ graduate recruitment scheme

Periodic tables

How is the 10-year anniversary charge calculated on a settlement?


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm