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Exeter Fund Managers goes into administration

Exeter Fund Managers has been placed in administration, because it is likely to become insolvent as a result of civil claims relating to the split caps crisis.

The FSCS is currently in talks with Dan Schwarzmann and Mark Batten, of Price Waterhouse Coopers, the administrators of Exeter Fund Managers, to establish whether investors who are owed money by the firm will need the protection of the FSCS.

FSCS chief executive Loretta Minghella says: “As the finance industry’s fund of last resort, it’s our job to ensure that if a firm owes money to its customers and can’t pay, they can be reassured that FSCS will do what it can to help them.”

Minghella appreciates that investors will be worried about what is happening, and says the FSCS will provide more information about its involvement with Exeter as soon as it is able to do so. In the mean time anybody with a claim against Exeter should pursue it with the administrators.


Highbury Financial Services fined 35,000 for misleading financial promotions

The FSA has fined penny share tipping company Highbury Financial Services Limited 35,000 for the publication of misleading financial promotions.The fine was for three promotions entitled “The 25 Shares Most Likely to Double in 2004”.The FSA found these promotions which were published in two national newspapers and one national journal, posed a risk to customers […]

On the level

Hargreaves Lans-down pensions research manager Tom McPhail says the company’s research shows that a worrying 80-90 per cent of investors choose level annuities over increasing annuities which could prove a catastrophe in the face of prolonged high inflation.


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