View more on these topics

Broker in libel action after FSA dismisses claim

Stockbroker Collins Stewart says it will press ahead with its £240m libel claim against the Financial Times after the FSA cleared it and its parent Collins Stewart Tullett of market abuse allegations.

Last week, the FSA concluded its investigation into allegations made against Collins Stewart by former employee James Middleweek and says it will not be taking the matter further.

Middleweek, who was sacked by Collins Stewart last year, made the allegations in a dossier sent to the FSA. Collins Stewart is seeking damages from the FT over an article it published about the allegations.

The FT maintains that the document was within the public domain and an article on legal action by Middleweek against Collins Stewart fairly and accurately reflected its content. The FT says it rejects Collins Stewart&#39s special damages&#39 claim and hopes to have it struck out at a hearing to take place in November.

The FSA declines to comment, beyond saying the inv-estigation into Collins Stewart is now closed.

Collins Stewart chief executive Terry Smith says: “The FSA has made it clear the matter is now closed and the investigation has been concluded.”

FT editor Andrew Gowers says: “The FT, in its defence to Collins Stewart&#39s action, maintains the information contained in this public document was information which it was fully entitled to report in a responsible and balanced way. The FT was by no means alone in doing so.”

Recommended

Universal Provident throws a lifeline

UNIVERSAL PROVIDENT Lifeline Plus Type: Two-year renewable term assurance with Living Care disability cover Minimum sum assured/premium: £1,000/£8.33 Minimum term: Two years Minimum-maximum benefit: £1,000-£100,000 Minimum-maximum ages: 18-74 Cover provided: Life cover up to £100,000, index-linked disability benefit up to £5,000 a year upon failure of two ADLs, up to £10,000 a year upon failure […]

Buy-to-let growth slows in first half

The growth in buy-to-let lending slowed in the first half of this year as lenders react to tighter market conditions according to the Council of Mortgage Lenders. Advances rose by 3 per cent to £12bn in the first half from £11.6bn in the second half of 2003 and £7.6bn for the first half of 2003. […]

Exclusive – Destini rescues Lifeboat

IFA consolidator Destini is buying the core infrastructure of stricken IFA and non-reg network Lifeboat in a deal that will see outstanding pipeline commission paid in full. Around 100 RIs will join Destini and between 300 and 400 full time Lifeboat mortgage and protection brokers will move across to form the basis of Destini&#39s multi-tie […]

Friends set to make another cut in payouts for with-profits policyholders

Friends Provident has cut pay-outs for with-profits policyholders for the fifth time in two years. Friends is cutting bonus rates on some unitised with profits policies, which will be reduced by 0.25 per cent. Final bonus rates on some unitised and conventional with profits policies will also be reduced. As a result of the review […]

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com