It has just settled one action with the FSA at a cost of 600,000 but still faces another FSA enforcement action. In June, the three advice subsidiaries had a capital resource requirement deficit of 12m, up from 10m in March, which the group attributes to the two FSA actions. The implications for the group are profound but it is to be hoped that, having settled one action on one FSA action, it can make progress on the second and set about stabilising the firm. Any other outcome is not just bad for BBB but exactly what the rest of the advice market does not need.
When Odysseus sailed past the Sirens, he asked to be tied to the mast to resist their tempting song.
The Nottingham Friendly Society says parents of older children have been spurred into saving by the Governments publicity surrounding CTFs.Sales of the building societys second step tax exempts savings plan (TESP) doubled in the wake of government advertising for CTFs. Nottingam Friendly says parents of children too old to invest in CTFs are more likely […]
Skandia Investment Management head of marketing David Orr is leaving later in the year to join Gartmore as senior marketing manager. He will report to head of sales support, marketing, Colin Hodges. Skandia sales director Spike Hughes will take on the expanded role of sales and marketing director.
Hemisphere Property Management
Hemisphere Property Fund
Written by Mike Riddell One of the current big debates in global financial markets is whether investors should believe ‘hard’ rather than ‘soft’ data, where the usually reliable business and consumer surveys have been suggesting strengthening in global growth momentum for some time now, while the economic data that feeds through into the Gross Domestic […]
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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 […]
National advice firm Foster Denovo has acquired employee benefits consultancy TEBC. The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight. Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing. Chief executive Roger Brosch […]