View more on these topics

Belfast: IFA firm in money laundering investigation

Police in Northern Ireland are investigating Belfast-based IFA firm Northern Ireland Insurance Brokerage over allegations of money laundering involving offshore bonds in the Isle of Man.

UK insurance companies, including Scottish Life International and Norwich Union, are helping with the investigation. The FSA says it is working with the police.

A spokesman for the Police Service of Northern Ireland&#39s Economic Crime Bureau&#39s Financial Investigation Unit confirms two local advisers have been questioned but not charged in relation to money laundering offences and a file is being prepared by the Director of Public Prosecutions in the Province to consider if any action is required. He confirms that Scottish financial services companies could be called as witnesses.

The industry believes more stringent laundering checks are being made since September 11 and more allegations of laundering may come to light.

SLI director of marketing Candia Kingston says: “I can confirm the brokerage in question is NIIB. It is important to remember it is not SLI that is being investigated but the brokerage. The police have been complimentary about our procedures.”

Norwich Union head of media relations James Evans says: “We are aware of the investigation. We cannot say whether it is an offshore or onshore fund.”

A spokesman for NIIB says: “We are talking to our solicitors. We are absolutely open for business.”


Newbury Building Society – equity release product

Newbury Building Society equity release schemeMinimum property value: £102,000Minimum loan: £25,500 on maximum LTV of 25%Interest rate: 6.05%Minimum age: 70 years, on joint application youngest applicant must be at least 70Charges: £200 administration feeIntroducer&#39s fee: 0.25% of loan amountTel: 01635 555700

Fund firms split over FSA ad moves

The move by the FSA to increase the information included in the main body of financial ads will push investors towards seeking out advice, claim fund managers.By compelling fund managers to include past performance warnings and further information about bond yields in their marketing materials, Thread-needle believes consumers will be more likely to seek financial […]

Henderson income plan enjoys its freedom

Henderson Global Investors has brought in the Henderson managed income plan, a portfolio management service that provides access to an actively managed range of Henderson fixed-interest funds and an equity income fund.The plan aims to deliver a yield of 7 per cent gross a year by investing in the institutional share classes of eight Henderson […]

Supermarkets take 25% of fund Isa sales

Fund supermarkets put themselves firmly on the distribution map in the first quarter of this year, accounting for around 25 per cent of investment fund Isa sales.Isa sales figures between January 1 and April 5 – reported by Cofunds, FundsNetwork and Skandia – totalled about £430m. Complete industry Isa sales have not yet been compiled […]

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


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