View more on these topics

BBB wants full hearing to contest capital ruling

Group suspends share trading and believes tribunal will lead to a hearing in the new year

Berkeley Berry Birch wants a full hearing into its 11m capital- adequacy deficit to overturn the FSA’s decision to cancel the permissions of its three regulated advisory businesses.

The group suspended trading in its shares last week pending clarification of its financial position and referred the FSA’s decision in April to cancel its permissions to the financial services and markets tribunal.

The tribunal ends this week and BBB believes it will proceed to a full hearing in the new year. If the regulator’s decision is upheld, the adviser business, which has 700 RIs, could lose permission from the FSA to act as an IFA.

BBB says the FSA is not satisfied with its plans to plug the capital-adequacy defi- cit, which include disposals and an equity fundraising, although the firm says plans are well advanced, with ann-ouncements due by the end of the year.

The firm says the sale of any of the businesses in their ent-irety is not in the best interests of shareholders.

Cliff Lockyer has stepped down as chairman but remains on the board as group enterprise director, with senior independent director John Joyce appointed non-executive chairman. Andrew Shortis, a corporate turn-round specialist, has been appointed group managing director.

BBB non-executive director Jonathan Hall says: “The board has taken swift action to address these issues by suspending share trading. We are hoping the tribunal will result in a full hearing sometime in the new year so we can look forward to 2006 with confidence.”

The FSA is also investigating breaches of client money rules in the group’s Berry Birch & Noble Financial Planning division, citing a lack of appropriate systems and controls in place and the speed at which these breaches were communicated to the regulator.


Rifkind leaves Work and Pensions role

Sir Malcolm Rifkind has walked out on his role as shadow Work and Pensions Secretary after not being offered the Foreign Affairs brief in the shadow Cabinet reshuffle.The job of Foreign Affairs spokesman has gone to former Tory leader William Hague with George Osborne remaining in his role as shadow Chancellor.Rifkind took on the Work […]

TUC welcomes Denham’s job advert Bill

The TUC has welcomed former Pensions Minister John Denham’s 10 minute rule bill to force all job adverts to reveal details of the combined salary and pensions benefits.TUC general secretary Brendan Barber says if the bill becomes law the new job adverts would help good employers recruit and retain the best staff and encourage those […]

Pink to acquire DLP network members

Pink Home Loans is absorbing all Direct Life & Pension Services’ appointed representatives in a deal it says will push it into the top five mortgage networks.Both firms will continue to trade as separate entities and Pink will service the mortgage business while DLPS will handle the protection side. The combined network will trade as […]

AITC welcomes move to introduce Reits

The Association of Investment Trust Companies is welcoming the Chancellor’s decision to introduce Reits in next year’s Finance Bill. It says it hopes the proposals will follow the AITC’s recommendations for a simple and flexible structure which offers easy access to the asset class for retail investors.


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