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City Financial closed after Which? hunt

The FSA&#39s fine on Lincoln Financial Services comes two-and-a-half years after it offloaded its subsidiary, City Financial Planning.

In October 2000, the Consumers&#39 Association published an article in Which? magazine accusing CFPL of not making its tied status clear when meeting clients.

This sparked a PIA review, which led to last week&#39s £485,000 fine.

Lincoln conducted an initial review of 5,000 savings plans sold between September 1998 and August 2000. It then expanded this review to all its sales and now expects the review to be completed and compensation paid by the end of this month.

Lincoln began withdrawing from the life and pension market in January 2000 when its US parent announced it was considering selling its book.

CFPL was closed in October 2000. The following August, Lincoln sealed an outsourcing deal for its by then closed book with Capita.

Sixty of CFPL&#39s 490-strong salesforce joined Lighthouse IFA, set up by Bankhall in June 2000. Inter-Alliance snapped up 120 RIs in October 2000. Up to 300 went to Allied Dunbar in December 2000 while others went to JRA or left the industry.


Standard says new business will fall

Standard Life chief executive Iain Lumsden has admitted the group expects new business to be down at the end of 2003 on 2002. Speaking at the life office&#39s AGM he conceded that sales in Canada, its second biggest market for life and pensions were slow but added that the group expects the majority of future […]

Court rejects claim against Widows over admin delays

A court has rejected an adviser&#39s claim against Scottish Widows over administration delays on the basis product providers are not responsible to IFAs for negligence if advisers are not placing business with them.The decision has left the adviser calling for an IFAs&#39 ombudsman to decide on compensation for losses caused by provider bungles.Hampshire IFA Procrown […]

Co-op Bank launches guaranteed stockmarket bond

The Co-operative Bank is launching a new guaranteed stock market bond targeted at more cautious investors. Holders of the new bond can invest a minimum £3000 up to £1m for five years. When the bond matures in 2008 its final return will be based on the average level of the index over the last 12 […]

Royal London adds to kingdom of bonds

Royal London has made its debut in the guaranteed equity bondmarket by offering a product that accepts monthly contributions. The Guaranteed capital account is linked to the average performanceof four stockmarket indices &#45 the FTSE 100, S&P 500, Nikkei 225 andthe Swiss Market Index &#45 over a five-year term. Capital is returned infull regardless of […]


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