Berkeley Berry Birch needs to plug a capital resource requirement deficit of 12m to stop the FSA potentially cancelling permission for its subsidiaries to act as IFAs.The figure, revealed in the firm’s results on Friday, is significantly higher than the 2.4m deficit stated in April when the FSA said it was enforcing a formal timetable to deal with it. The results also state the “fundamental uncertainty” of the group continuing as a going concern because of the FSA commencing regulatory enforcement action. Cliff Lockyer is stepping down as chairman but remains chief executive of the group which has 740 registered individuals, of which 450 are in the BIA network arm. Lockyer says the FSA has made “positive sounds” about issuing a waiver regarding capital adequacy rules to reduce the deficit to 6m. He says a restructure of the business should reduce the deficit to around 3m, which will be found through outside investment from providers BBB is currently in talks with. The investigation into the liquidation of BB&N Financial Services has ended after BBB made a payment of 600,000 to the liquidator without accepting liability. Lockyer says the investigation into the suitability of whole of life and regular savings plan sales by BIA is close to conclusion, with 1.4m being set aside for the review and FSA fine. Lockyer says: “I have had the most horrific year but it can only get better with the end of these two investigations.” Bestinvest business development manager Justin Modray says: “BBB is in a difficult position and if they cannot get capital fast, it is hard to see how they can continue.”
Whitechurch Network has teamed up with Pink Home Loans to provide its members with a preferred packager facility. The deal allows Whitechurch members to access Pink’s packaged lender panel including its products and branded range.
Friends Provident saw total life and pensions business rise 33 per cent from 212m to 282m in the first half of 2005 but says the market is difficult to call in the run up to A day. The insurer says margins held up but business volumes in the run up and immediate aftermath of A […]
Scottish Widows Investment Partnership has brought the Swip property trust within the reach of retail investors by reducing the minimum investment to 5,000 from 100,000.
It must be summer because the weather has turned colder, my approaching holiday fills me with worry – well, that’s more about the list of things to do before I go – and regulators and bureaucrats across Europe are clearing their desks at the expense of dumping on ours.
Welcome to the latest update for The Brunner Investment Trust PLC from the trust’s portfolio manager Lucy Macdonald. Market Review Global equities ratcheted higher throughout February, buoyed by optimism about global growth and corporate earnings. All regions advanced, although Japan tended to lag many other markets. In sector terms, healthcare, information technology, consumer staples and […]
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Nottingham Building Society is offering free financial advice to members as part of an extension of its reward scheme. The building society is promoting the free, face-to-face financial planning as part of a member reward scheme that will also to deliver cash back payments to select members and other benefits to more than 100,000 of […]