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Debts are surging past £6m

Debts at David M Aaron (Personal Financial Planners) had risen above £6m by March this year and look set to rise further, says the firm&#39s administrator.

In March, administrator KPMG accounted for £5m in debt and a further £1.8m for alleged precipice mis-selling claims but with new claims and new debts rev-ealed, this figure is expected to rise substantially by the next creditors meeting in five months.

In March, the list of creditors showed 190 potential precipice bond claims. Individual claims have been made for sums up to £45,000, with many claims for £30,000.

Debts include £1.3m for property and more than £1m owed to firms such as Scottish Equitable and Skandia Life as well as money due to the Inland Revenue.

David M Aaron went into administration in January after a plan to sell the business fell through. The company accounts show that David Aaron and his wife Doreen each hold 1,815,797 shares in the firm.


Aaron is first IFA firm to be banned for misselling

David M Aaron (Personal Fin-ancial Planners) has become the first IFA firm to be banned for misselling. It has been struck off by the FSA for widespread misselling of precipice bonds between January 1998 and June 2003. An FSA probe revealed that the company issued misleading ads and financial promotions which downplayed the risk of […]

Pinnacle pledges 6.24% income for three years with guaranteed bond

Pinnacle Insurance is offering a monthly income guaranteed bond that will give a return equivalent to 6.24 per cent gross for higher-rate taxpayers over three years. The firm, a subsidiary of French banking giant BNP Paribas, is launching a monthly bond paying 4.61 per cent net monthly income over a three-year term. Minimum investment is […]

ABI seeks firm to monitor funds

The ABI is putting out tenders for impartial information for the monitoring of investment classifications for life and pensions funds. It has been using Lipper fund information but the contract is due to come to an end and a new three-year deal has been put out to tender. Hundreds of IFA firms use the ABI […]

Revenue paves way to merger of small VCTs

New Inland Revenue legislation could open the door to the merger of venture capital trusts. VCT experts are predicting that smaller trusts held in boutiques could be merged as firms look to cut the cost of running small trusts. It is the latest development in the VCT market following Chancellor Gordon Brown&#39s changes to the […]


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