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Firms set to agree splits compensation

Aberdeen Asset Management, HSBC and UBS are reportedly set to agree to FSA demands to pay compensation to victims of split capital investment trusts. According to sources, HSBC and UBS, which acted as brokers to several splits, are keen to settle the dispute as quickly as possible while AAM is understood to favour a collective settlement which shares the blame for investors&#39 losses. Most of the 21 companies subject to the FSA&#39s demands are expected to follow suit.

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Government expected to disappoint with Penrose release today

The Government is expected to disappoint Equitable Life policyholders today by denying it has any obligation to provide compensation to those who lost money in the insurer&#39s near collapse. Speculation over the weekend suggests financial secretary to the Treasury Ruth Kelly is likely to say the problems at Equitable are more to do with a […]

Lifetime allowance must be fair – ABI

The ABI has reminded Chancellor Gordon Brown that any decisions he makes about the proposed £1.4bn pension fund lifetime allowance must be both balanced and fair for present and future savers. Head of pensions and savings Joanne Segars says: “It is essential that the current complex and unwieldy tax regime governing pension funds is simplified […]

Mutual life offices&#39 corporate governance to be reviewed

Financial Secretary to the Treasury Ruth Kelly has commissioned two independent reviews as a consequence of the findings of the Penrose inquiry. Paul Myners is to lead a review into the corporate governance arrangements applicable to mutual life offices, and will look at board accountability for mutual life offices and the level of regulation to […]

Cable calls for Parliamentary Ombudsman

Liberal Democrat Treasury Spokesman Vincent Cable has called for the Parliamentary Ombudsman to investigate whether compensation is due and in what forms. Cable says although Penrose does not make recommendations on compensation the report holds that policy holders have had much worry and distress, with many continuing to experience financial hardship. He says the Government&#39s […]

The Merchants Trust PLC – April 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Portfolio Review The Merchants Trust reported results this month and the directors were pleased to announce a 35th consecutive year of dividend growth (subject to shareholder approval at the AGM). The Company is proud to be highlighted as […]

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