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BBB given 6 weeks to find capital before FSA shutdown

Berkeley Berry Birch has been given six weeks to plug the 11m capital adequacy deficits of two of its subsidiaries before the FSA shuts them down after dropping its appeal to the Financial Services and Markets Tribunal.

BBB has announced it has withdrawn references to the FSMT against the FSAs decision in July to issue decision notices to cancel the permissions of Berkeley Independent Advisers and Berry Birch & Noble Financial Planning (Weston) because of the capital deficits.

The firm says the FSA has agreed not to serve the final notices before 27 February with BIA and Weston having to provide written opinions from its auditors they are compliant with the prudential rules on capital adequacy.

BB&NFP, which ceased to conduct regulated business in December in a move to address some of the capital adequacy problems, has also withdrawn its reference to the tribunal.

BBB chairman John Joyce says: This agreement will enable BBB to focus fully on its refinancing plans. The BBB Board has met and reviewed the plans, which are proceeding within the expected timescales.

BBB marketing director Carey Shakespeare says: This is a pragmatic decision to save legal costs on both sides and allow us to concentrate on raising the required capital.


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Cripps rebrands as Heartwood

Wealth management company Cripps Portfolio is rebranding itself Heartwood Wealth Management.The firm bought the company, which has 650m of funds under management for private clients, trusts and charities, at the end of last year. Heartwood now employs 70 staff and works from is offices in London, Tunbridge Wells, Lewes and Southampton, arranging financial solutions for […]

Old Mutual still holding out hope for Skandia deal

Old Mutual has again extended the deadline for Skandia shareholders to accept its offer and believes it is building the momentum to carry the deal through. The South African insurer says 69.7 per cent of Skandia’s shareholders have accepted the bid, which is 5.3 per cent short of the 75 per cent threshold it requires […]

A modern horror story

Every day a quick scan of the news reveals some new horror that will change the lives of those involved forever – the unlucky accident on the way to work, a tragic illness that cuts a young life short or the holiday accident that leaves more than just a scar to cope with. We barely […]


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