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Cable calls for Parliamentary Ombudsman

Liberal Democrat Treasury Spokesman Vincent Cable has called for the Parliamentary Ombudsman to investigate whether compensation is due and in what forms.

Cable says although Penrose does not make recommendations on compensation the report holds that policy holders have had much worry and distress, with many continuing to experience financial hardship.

He says the Government&#39s reaction to the Penrose report is “a total whitewash and seeks to distort Lord Penrose&#39s findings”.

Cable believes it ignores the specific criticisms of government regulation seeking to pretend the financial plight of Equitable Life policy holders is solely the consequence of the regulatory system, which was in place since the former Conservative government.

He says: “This Labour government has been in power for nearly seven years. While I have no sympathy with the previous Conservative administration, I feel that the government&#39s constant pretence that any problem it faces is merely the fault of its predecessor is not only growing tiresome but is simply untrue.”


Compensation scheme should be a safety net, not an escape route

I was disturbed to read in Money Marketing last week that Berkeley Berry Birch is letting the liabilities of its IFA firm fall to the Financial Services Compensation Scheme. Most of us seek to be professionals, providing people with the highest standards of advice and taking full responsibility for the quality of that advice. A […]

Shell shock of liability move

There is a great deal of discontent among IFAs about Berkeley Berry Birch&#39s move to leave liabilities with the shell of Berry Birch & Noble FS. It also sees a liability-free IFA emerge from the ashes. The move echoes one made by Towry Law a few years back but at this stage does not seem […]

IFA probed over client money claims

The FSA and the Nottingham Fraud Squad are investigating a Nottingham IFA Oaktree Financial Services managing director Stephen Higham over alleged misuse of clients&#39 money.

BAM takes new direction

Baring Asset Management&#39s directional global bond trust is a unit trust set up to take advantage of the European directive Ucits III. Ucits III allows fund managers of onshore funds to use mixed asset classes and go short, whereas previously shorting was only available offshore without the safety net of FSA regulation. This fund&#39s unit […]


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