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DBS drops court case over £8k pension review bill

DBS has dropped its court case against former network member Peter Lawrence over an alleged £8,000 pension review bill owed to the Misys-owned network.

Lawrence, who left the network in 1993, entered into a legal battle with DBS after claiming that, under the terms of his contract, he was not liable for the charges.

Just two days before the case was due to start, DBS agreed to drop the proceedings and to pay Lawrence&#39s costs.

However, because the case was settled before it came to court, the outcome does not set a legal precedent for any other similar claims.

Lawrence says: “Justice has been done and I am delighted. This is a case of the big boys trying to hammer the small people.

“The industry cannot continue to pay out large amounts of money. These costs are the result of the ineptitude of the regulator and the stupidity of the Government.”

Misys head of media relations Paul Charles says: “In light of Patrick Gale&#39s recent appointment as CEO of the Misys networks, he wants to review where we are in current cases. We want a supportive rather than hard-edged approach.

“We are actively reviewing where we would rec-over the costs we need to recover and we will review it on a case by case basis.”


UK one of the fastest growing mortgage markets – CML

Speaking at Eurocatalyst 2002 in Madrid this week, a new event for the European mortgage industry, CML director general Michael Coogan described the UK as one of the fastest growing markets in the world. He said reasons for this include voluntary regulation, promotion of sustainable homeownership, an emerging equity release market and a significant growth […]

Cable presses Labour over Penrose

Liberal Democrat trade and industry spokesman Vincent Cable is demanding to know when the Government plans to publish the Penrose Inquiry into the Equitable Life debacle. He says it is apparent the Government is trying to push the whole matter under the rug as it has been more than a year and a half since […]

Poor&#39s enters Fof market in link-up with Schroders

Ratings agency Standard & Poor&#39s is entering the multi-manager market through an exclusive agreement with Schroders to offer IFAs and financial institutions a global funds of funds service.In a major departure from its core business, S&P is reass-essing funds that it has already rated to create a panel of recommended products for which Schroders will […]

Matrix offers VCT to beat competition

Matrix Money Management is aiming to get ahead of its competitors by introducing a venture capital trust (VCT) that aims to produce a growing income for investors.The cornerstone VCT will be managed on Matrix&#39s behalf by GLE Development Capital, a venture capital company which has been managing VCTs since 1994. It will initially invest in […]


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