Former Colonial Mutual Group Holdings employee Maurice Timbrell says the court ruling will help him revisit his case against Winterthur.Timbrell brought a case against the firm in 2001, claiming that the CMGH salesforce was not regulated, did not have adequate training and left workers unable to pay back up-front loans given by the firm. The judge at the time agreed that CMGH was not compliant with section 44 of the Financial Services Act 1986 although Timbrell lost his case due to the fact that there had been no loss proved in court. In November 2001, Winterthur’s legal department sent a letter to Timbrell stating: “We are not prepared to supply you with a copy of the section 44 agreement as this was not in evidence at the trial…We would be prepared to arrange for a copy to be made available to the court should they be minded to order production.” Yet Winterthur confirmed in a letter dated December 2003 that it never had the letter, saying: “It is true we do not appear to have a copy of the original section 44 Colonial Mutual contract. Winterthur acquired Colonial in June 2000 and the contract does not appear to have been provided.” Timbrell says: “This has shown without doubt that they have been selling a huge number of policies through an unregulated salesforce, with disregard for workers and consumers, and will allow me to revisit my case.”
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Purely Mortgages has cut its salesforce as part of its third financial restructuring in under a year.Purely, set up in 2004, cut 19 of 45 sales staff in a bid to bring costs down to a level that will see it make profit on a smaller turnover than originally projected. The staff were not employed […]
Standard Life is calling for a radical overhaul of the way that defined-benefit pension transfer values are calculated to put an end to the “derisory” sums that many people get. It is urging the Department for Work and Pensions to remove actuarial departments’ discretionary powers, which it says are assuming outdated mortality rates and unachievable […]
Skandia has added new benchmarking tools to its U-Skan reporting service on SkandiaWrap. The bespoke benchmark feature will allow advisers to create their own benchmarks, against which individual funds or portfolios can be measured.Advisers will now be able to draw from the universe of all UK funds, including unit trusts, Oeics, life and pensions products, […]
This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.
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