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Berkeley Jacobs’ unlocking business shut

Irish financial services giant IFG is pulling troubled subsidiary Berkeley Jacobs Financial Services out of pension-release business in an attempt to limit further losses.

Berkeley Jacobs IFA was fined by the FSA in February as part of a crackdown on pensions unlocking. The Rochester firm – which had run a high-profile TV advertising campaign – was fined 175,000 for poor advice and misleading advertising of pension unlocking advice and ordered to set aside 1m to compensate up to 5,000 consumers.

The move follows the appointment of ex-Chase de Vere Financial Solutions managing director Mark Bogard who, as UK operations chief executive, has completed a comprehensive review of the UK arm.

IFG says its UK IFA businesses have stabilised but it admits the process has taken longer than anticipated, blaming management changes and the cost of historic customer complaints.

It says the group will perform at the lower end of market expectations in the current year.

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