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Ex-Knight Williams chief returns to industry as IFA director

John Williams, the former managing director of 1990s&#39 equity-release specialist Knight Williams, has been granted authorisation by the FSA to become a director of IFA Carmel Financial Planning in Hitchin, Hertfordshire.

Knight Williams spectacularly went into liquidation in 1995 after the Securities and Investments Board, a precursor to the FSA, demanded the firm set aside £2.78m to compensate elderly victims who claimed they had been missold equity-release products.

The liquidation led to the Investors&#39 Compensation Scheme, now the Financial Services Compensation Scheme, paying out £4.65m in compensation to investors up to March 2002. The FSCS received only £500,000 from the firm&#39s liquidation.

Last year, Williams and two other former Knight Williams&#39 directors took the FSA to the High Court, claiming £10.7m in damages and an unquantified amount alleging damage to reputation.

They argued that the regulator had acted in bad faith by demanding excessive compensation reserves which had forced Knight Williams into liquidation.

The men claimed that internal SIB memos prove the compensation estimate was at the top end of the scale and was higher than a court would be likely to award. The case was dropped.

Syndaxi Financial Planning principal Robert Reid says: “The interesting thing will be to see how this is perceived by the public rather than how it is perceived by the trade.”


Non-Gar Equitable clients win time deal

Lawyers representing non-GAR Equitable Life policyholders have signed an agreement with the life office not to bar claims on the grounds that they have run out of time.The agreement allows people in the class action to pursue claims if they took the policy out after March 1996 despite delays to the Equitable-commissioned report into misselling […]

Jupiter withdrawn from sale

Jupiter is no longer up for sale, after German parent Commerzbank said it was impossible to achieve a good price for the UK fund manager in the current market conditions.Commerzbank will pursue a strategy of selling Jupiter products through its distribution networks in Continental Europe. It paid £670m for Jupiter in 1995, but despite buyers […]

Former Chancery IFA wins case against firm

A former adviser with IFA Chancery Asset Management has awarded a judgement against the firm over unpaid remuneration he claims it owes him.Chris Herbert was awarded £5,313.40 to recover his costs over five failed investment home loans. The amount totals three times the amount Herbert claimed.The solicitors for Chancery Asset Management are now asking for […]

Aegon swoops again to buy IFA A&B

Aegon has swooped again to acquire 100 per cent of IFA Advisory & Brokerage Services for an undisclosed sum.The purchase follows the acquisition of Wentworth Rose in June by the Dutch insurance giant which owns the Scottish Equitable brand in the UK.A&B, which will remain independent, is based in central london and has 29 RIs. […]


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