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Eight firms still risking Year 2000 compliance failure

Eight financial services companies are at risk of failing to be &#39Year 2000&#39 compliant, according to Action 2000, the Government-sponsored monitoring body.

In its latest update, it says the eight, some 2 per cent of the industry are under intensive supervision as they continue to &#39present a material risk&#39.

A further 32 per cent of firms are behind schedule but are expected to catch up within the time limit set.

The majority of groups assessed by the Financial Services Authority, some 66 per cent, were found to have nearly or successfully completed their Y2K programmes.

FSA managing director and head of financial supervision Michael Foot says: &#34We are keeping up intensive supervision of those firms who are behind in their preparations.

&#34As I have said repeatedly, we would not hesitate to take action in order to protect the interest of depositors, policyholders and investors. The time for tough decisions is approaching. The next couple of months is crucial for the laggards.&#34


Revenue increases retirement options on occupational schemes

The Inland Revenue has granted the deferred annuity and income drawdown facilities to Occupational Pension Schemes.The new flexible pension options were announced on Tuesday.Now occupational pension scheme holders will have the same retirement opportunities as their personal pension plan counterparts.In a further move towards flexibility of occupational schemes the IR will allow the benefits from […]

Dresdner to change investment objective on privatisation trust

Dresdner RCM Global Investors&#39 European Privatisation Trust is converting into an index tracker.The new fund to be called the Dresdner RCM European Index Trust will track the FTSE Eurotop 300 ex UK Index.The changes still have to receive unit holder approval.But if accepted the trust will have no initial charges and an annual management charge […]

BWD Rensburg launches UK unit trust

BWD Rensburg Unit Trust Managers are launching a unit trust specialising in middle sized UK companies.The BWD UK Mid-Cap Growth Unit Trust will invest in stocks of companies listed on the FTSE 250 index. These typically have market capitalisations of around £200m to £3bn.The investment selection process will concentrate on long term investment themes of […]

Isle of Man appoints enforcer

The Isle of Man Financial Supervision Commission has appointed Mark Taylor as its new head of enforcement.Taylor, a former policemen with the Metropolitan and IOM constabularies, has spent the last eight years heading his own corporate investigations consultancy.The consultancy specialises in collating evidence for national and international lawsuits.FSC&#39s chief executive John Aspden says: &#34Mark&#39s considerable […]


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