The David Aaron Partnership could be facing a £12.6m bill for misselling claims, more than six times the £1.8m it had put aside for compensation before it went bust last December. Based on documentation from accountants KPMG, the troubled IFA firm had reportedly calculated its initial liability on the basis of 200 claims averaging £9,000 each. But another 1,200 clients have reportedly demanded compensation since its closure, causing DAP's potential bill to mushroom to more than £12m.
Four new members have been appointed to the Financial Services Consumer Panel. The FSA has appointed former Barclays Private Banking marketing director Robert Skinner, National Consumer Council Board member Stephen Locke and market researcher Adam Phillips who join from 1 March 2004 and Citizens Advice national head of money issues Nicolas Lord from 1 January […]
New life and pensions business rose 4.3 per cent to £2.45bn annual premium equivalent in the final quarter of 2003, up from £2.35bn in Q3 of 2003, according to figures from the ABI. But the Q4 of 2003 figure was 4 per cent down on the £2.55bn sales achieved in the same quarter of 2002. […]
Aifa director general Paul Smee believes today's publication of the Menu will enable the value of advice to be spelt out alongside its cost. He says: “Although this is probably over engineered, with too many products, we broadly have the core now, and we can now use this to demonstrate the value of advice.” He […]
The FSA plans to publish its final rules in the second half of the year, when it will unveil its policy statement giving feedback on the consultation. The consultation finishes on June 1, after which the FSA will review the responses and amend its draft rules accordingly. As the Menu is key part of the […]
By James Dowey, chief economist & CIO at Neptune WHATEVER HAPPENED TO THE GOOD OLD DAYS OF CHUGGING ALONG AT 3 PER CENT A YEAR? That was the average rate of real economic growth in the advanced world from the end of the Second World War until the late 2000s. Despite all of the recessions and social changes […]
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Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]
National advice firm Foster Denovo has acquired employee benefits consultancy TEBC. The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight. Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing. Chief executive Roger Brosch […]