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Cross-party call for structured sales probe

The Conservatives have joined Treasury select committee chairman John McFall in calling for a full investigation into structured product sales in the aftermath of the Lehman Brothers’ collapse.

In an open letter to FSA chief executive Hector Sants, Labour MP McFall has attacked marketing literature which promoted the products as 100 per cent capital-secure. He highlighted products from NDFA and DRL. The letter says: “Customers must not lose their money if the information they were given was unclear or incomplete.”

Tory Shadow Treasury Financial Secretary Mark Hoban says: “I think there should be a review by the FSA. There has clearly been a problem with the way in which these products were sold.”

The FSA is looking into a number of issues on structured products arising from the Lehman Brothers collapse, including the naming of counterparties.

A spokesman for NDFA and DRL says: “McFall’s outburst constitutes an attack on the financial services industry at large and should give us all cause for concern. The FSA is already part of a Europe-wide project looking at the collapse of Lehman Brothers, to which both NDFA and DRL continue to contribute.”

Lowes Financial Management managing director Ian Lowes says: “Clearly, there is evidence that certain sellers of these contracts based in banks were selling these on an inapprop- riate basis with inappropriate explanation.”


Chief exec leaves AWD Chase de Vere

Chief executive Mike Kirsch has left AWD Chase de Vere after a restructuring of the business. He will not be replaced, with his role being split between staff.

Eadon sets up release firm

Ex-PFS chief executive Tim Eadon has launched a new IFA firm, Better Retirement, specialising in equity release.

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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.


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