Lawyers are pressing ahead with law suits against IFAs who sold split-capital trusts despite the terms of the FSA’s Christmas Eve deal.Many more investors who received advice on splits in 1999 are likely to start action this year because of a six-year time bar for claims. City lawyers are set to push through misselling cases because they cannot guarantee investors when or how much cash will come from the regulator’s compensation fund. It could render the FSA’s deal, that saw 18 firms sign up to give £195m to investors, almost useless. Class Law is handling around 700 cases. Partner Stephen Alexander says it is pushing ahead with cases. Reynolds Porter Chamberlain partner Harriet Quiney says the deal is confusing, particularly for investors who received advice on splits from different companies, with some part of the FSA deal and some not. She says: “Does this mean that if you receive compensation from one company you cannot then go and follow legal proceedings for the advice given on the others? It is so uncertain.” Alexander says: “If you could tell a client you would get 70p in the pound on this date, then you could advise them to go for the FSA deal. But you can’t.” FSA press officer Kate Burns says: “There is a great deal more certainty if you are eligible to go through the fund than going through the courts. But it is up to individual investors.”
Our experts discuss initiatives to get first-time buyers on the housing ladder and whether confidence will return to the market.
Friends Provident has pipped Legal & General to first place in a Lifesearch survey of protection providers’ online offerings. Scottish Provident and Liverpool Victoria are bottom of the survey, scoring 47 and 49 points respectively out oa possible 100. The survey grades prov-iders on 10 criteria, including pipeline tracking, technical support, incentives, proposal forms, site […]
The well-known public company at which I work is changing its pension scheme and giving me three options. What should I do?
Alex Ralph, manager of the Artemis High Income Fund, sees further pressure on government bonds as inflationary pressures build on both sides of the Atlantic.
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