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Compensation expectations rise

More than a million people could receive compensation by completion of the personal pension misselling review, according to economic secretary to the Treasury Melanie Johnson.

In a written reply to a parliamentary question, Johnson suggests of 114,000 alleged misselling cases investigated in phase two of the review, compensation has been offered to 90,000 people which is 79 per cent of the cases.

Society of Financial Advisers chairman Robert Reid says: “This figure is far more than anyone expected. It&#39s a very large figure and I cannot see all of my members surviving.”


Isa rates give Tessas a beating

Investors are being warned the gap between Tessa and Isa returns is widening, by statistics provider Moneyfacts.Tessa rates offered by some high street bank have been outstripped by more than one per cent by their Isa replacements.Chase de Vere Investment adviser Janine Starks says Tessa rates are generally beginning to be taken over as providers […]

Housebuyer fears for the future

More than half the UK population believe they won&#39t be able to afford their own home in twenty years, according to the National Housing Federation.The federation&#39s MORI poll of 2000 individuals showed only 44 per cent thought the next generation would be able to afford their current home.The news comes after the 0.25 per cent […]

Investment call for action to avoid crisis

The UK&#39s fund management industry faces a bleak future unless it adapts quickly to the needs of the global market, according to the Fund Managers&#39 Association.A new FMA report reveals half of the 77 asset managers that control nearly 90 per cent of the funds under management in Britain, are staffed by executives who have […]

Smile wiped from iMac users

Internet bank Smile is whipping the happy look from Apple Macintosh users trying to log on to the new online arm of the Co-operative bank.Apple iMacs users logging on to Co-operative bank&#39s Smile have been greeted by a blank screen instead of the Smile logo. Smile is blaming the Mac system while Mac experts say […]

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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