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Claims against Aaron could hit £12

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&#39s potential bill to mushroom to more than £12m.

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Four new members appointed to Consumer Panel

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 […]

Life and pensions business up 4.3 per cent in Q4 – ABI figures

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. […]

Value of advice must be spelt out alongside cost – Aifa

Aifa director general Paul Smee believes today&#39s 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 […]

Final Menu rules due second half of year

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 […]

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