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Clerical confusion Cleared up

In the article headlined, Confusion over FSA &#39probe&#39 on Clerical (June 23), there is a request from IFAs to clarify whether Clerical Medical is “being investigated” by the FSA.

I can state categorically that there is no FSA review of Clerical Medical, including financial strength, its administration, or any administration provided to third parties.

I trust that the above provides the clarification required by IFAs.

John Edwards

Chief executive

HBOS Financial Services



IA loss soars as it waits for FSA merger ruling

Inter-Alliance&#39s losses soared to £33.5m last year despite increasing revenues and slashing costs. The loss for Inter-Alliance, which is in merger talks with Millfield Group, is almost double its £17.7m loss in 2002. IA increased its gross revenue by 22.5 per cent from £51.9m to £63.6m. The group slashed costs after nearly halving staff numbers […]

Morgan Stanley – FTSE Protected Growth Plan Six

Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £5,000-no maximum, Isa £3,000-£7,000 Term: Six years Return: 30% growth at end of three years if index rises by at least 30% otherwise 120% growth in index at end of term Guarantee: Original capital returned in full regardless […]

Many IFAs may be in breach of rules on performance data use

IFAs are breaching rules on performance data despite new FSA rules coming into force this month, according to O&M Systems. O&M, the financial services systems provider says the majority of IFAs quoting performance data to their clients are likely to be in breach of FSA rules due to ignorance to the changes in force. The […]

Tiner&#39s pay packet soars to £471,000

FSA chief executive John Tiner was paid £471,656 last year, a big rise from £361,904 in the previous year. The total includes a basic salary of £310,971, a performance-related bonus of £52,000 and other benefits of £108,685, including £47,741 towards his pension. The FSA says Tiner&#39s increased salary this year reflects the additional responsibilities he […]


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