View more on these topics

Big rise in FSCS levy

The levy for Financial Services Compensation Scheme is to soar by over 40 per cent to deal with rising investment claims.

The FSCS says it needs to raise its management expenses levy limit from £12.5m set in March to £17.6m as the number of enquiries and claims “has exceeded all expectations”. It says compensation costs are likely to increase by around £15m.

The original provision was for the scheme to handle up to 2,400 new mortgage endowment claims during 2004/05 but it is now planning for up to 7,000.

Firms will not be invoiced for increased management costs until 2005, with the FSCS saying it does not intend to levy for compensation costs this year but this is under review.


SG gets fixed on interest

SG Asset Management has added four fixed-interest funds to its Oeic range following the conversion of its unit trusts to Oeics. The SG Sterling bond fund aims to provide income by investing mainly in UK government bonds. The SG Long-dated corporate bond fund aims for income by investing in investment-grade sterling denominated bonds with a […]

L&G mortality rethink sparks annuity fears

Legal & General is to move to a more conservative mortality basis for reserving and reporting on its annuity business which it says will improve its reserves by around £100m. The company says this will not lead to lower annuity rates although advisers warn that more mortality reserving will put downward pressure on rates. Group […]

UBS Global Asset Management – UBS European Equity Fund

Type: Oeic Aim: Growth by investing in European equities excluding the UK Minimum investment: Lump sum £1,000, monthly £50 Investment split: 24. 37% France, 17.32% Switzerland, 14.44% Germany, 11.96% Netherlands, 5.88% Italy, 4.71% Ireland, 3.98% Belgium, 3.8% Norway, 13.54% other Isa link: Yes Pep transfers: Yes Charges: Initial 4%, annual 1.5% Commission: Initial 3%, renewal […]

SimplyBiz IFAs reject multi-ties

The vast majority of Simply Biz IFAs will not choose to multi-tie in 2005, according to a survey of members by the company. The online survey on the impact of depolarisation indicates that 90 per cent of SimplyBiz members would prefer to remain independent, with only 6 per cent saying access to the whole market […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment