Equitable Lifes negligence claim against its former auditors Ernst & Young opens in court on April 11. The fight has been ongoing since 2001 when Equitable launched a claim for over 2bn against the accountancy firm. E&Y is accused of signing off the firms accounts without warning of the impending crisis over guaranteed annuity rates. The total cost of the trial is estimated at around 100m.
HSBC is raising premiums for existing critical-illness cover policyholders by up to 30 per cent.
Guaranteed Investment Bond
The FSA has appointed investigators into the alleged conduct of Berkeley Berry Birch director Michael Cleary in respect of his role in relation to the acquisition of Berry Birch & Noble Financial Services.Cleary was the sole director of Berry Birch & Noble Financial Services when it was purchased by Berry Birch & Noble Financial Planning […]
West Bromwich Building Society has bought mortgage intermediary franchise company Mortgageforce.
By Robin Geffen, fund manager and CEO
This year threatens to be a challenging one for UK dividend hunters. Last year saw an all-time record amount paid out in UK dividends — some £97.4bn, according to research from Capita Dividend Monitor. Yet as Capita also pointed out, out the biggest single factor driving the growth in the fourth quarter of last year was easy to identify: the rising US dollar.
In our view, this trend is much more than simply a one-quarter phenomenon. It is actually the most profound issue to get right as a UK equity income investor in 2015. We believe that the US dollar will continue to strengthen significantly from its current level. This is due more to the US economy’s demonstrable de-coupling from the rest of the world than to a view on the UK. The US has a strong chance of tightening monetary conditions this year without jeopardising growth or de-stabilising its housing market. The same can unfortunately not be said about the UK.
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Sims Financial Planning has become the third adviser acquisition this year for consolidator Fairstone. Three staff will join Fairstone, bringing funds under management to more than £90m along with total fee income of almost £500,000. Sims is the latest firm to be fully acquired by Fairstone after joining its downstream buyout programme in July 2015. […]
Aim listed advice and investment firm Harwood Wealth Management has continued its run of acquisitions with a deal to buy an Ascot-based retirement advice specialist. Harwood has acquired the assets of Plan65 for up to £1.56m depending on performance, with an initial payment of £810,000 coming out of Harwood’s existing cash reserve and the rest […]
Old Mutual Wealth is expecting to list on the London Stock Exchange as Quilter on 25 June, according to an investor prospectus, as the chief executive of parent company Old Mutual has resigned. Bruce Hemphill, who has been Old Mutual group chief executive since November 2015, resigned from the boards of Old Mutual Group and […]