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Exeter pays 1m into FSA split-cap settlement fund

Exeter Asset Management directors have negotiated a 1m agreement with the FSA over its role in the split- caps crisis.

The agreement, signed last week, requires Exeter to pay the money into Fund Distribution, the company established to administer payments to investors in zero-dividend shares of split-capital investment trusts. The payment has been made without any admission of wrongdoing and the FSA will end its investigation into Exeter.

Exeter’s parent company Iimia said last December that Exeter would be unable to join the settlement, then being negotiated between 18 firms and the FSA. The 18 companies have approved the new settlement. Exeter has effectively signed up late to the original agreement.

The agreement follows Exeter Asset Management’s sister company Exeter Fund Management going into administration. The firm had a considerable amount of money invested in open-ended zero dividends, which fell outside the remit of the settlement.

Exeter Asset Management has only closed-ended zero dividends and no open-ended zero dividends.

Teather & Greenwood, bought by Icelandic bank Landsbanki for 43m in February, is paying 300,000 to the settlement fund without admission of wrongdoing. Teather & Greenwood acted as a broker and did not manage any splits.

Iimia chairman William Long says: “Removing Exeter Fund Management from the equation means we can now get in on the settlement. Holders of the funds listed in the settlement will now be able to make claims for compensation. Everything has been sorted out without the admission of resp-onsibility. This is just like the other 18 firms. This represents a turning point for the group.”


New IFA partnership set up in South Wales

David Wingar, formerly of Courts IFA in South Wales, is setting up a new firm, Future Asset Management focusing on high net-worth and corporate clients. Wingars wife Nicola is responsible for administration and accounting, and Cathie Rowe will manage client details and compliance. Wingar is area liaison officer for the Personal Finance Society, and will […]

Genesis Home Loans uses Exweb for protection sales

The Exchange announces Genesis Home Loans has selected the Exweb Broker portal to support its new arrangements for the sale of protection products. Exweb Broker will help Genesis manage its relationships with providers and enable its members to submit new business applications electronically for a range of protection products. Exweb Broker is a tailored version […]

‘Lenders bleeding advisers with call charges’

Lenders are using higher-rate call numbers to bleed intermediaries for cash to pay for the cost of regulation, says Mortgage Portfolio Services mort- gage planner Simon Chalk. Chalk says the proliferation of 0870 numbers since M-Day coupled with extensions in call waiting times means lenders are using the charges to get revenue for themselves while […]

Purls of PR wisdom

Polhill has chosen to grace MM‘s Diary page with a refined coming-out. Heidi Robinson says the “chicks with sticks” club has been picking up speed at the agency, with six members taking a lead from Vogue’s fashionistas and casting off and on in their free time. The current project is cushion covers although Heidi has […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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