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Former YRA management set to buy firm

Surrey IFA Young Ridgway & Associates is expected to be bought out within days by its former management after going into receivership on the advice of the FSA.

The firm, which has 20 RIs, went into receivership last week after the FSA expressed concerns – refuted by YRA – that it could not meet potential compensation claims relating to the sale of structured products.

Former compliance director Idris Nagaty claims the company has nearly £1m to cover around £500,000 of claims which he says should dispel fears that the Financial Services Compensation Scheme will be saddled with its liabilities.

Nagaty will be the manager of a new firm, called the Independent Financial Planning Group, which expects to acquire YRA&#39s assets “imminently”. As IFPG is not buying shares, Nagaty says it should not suffer the same PI problems which hampered YRA, whose chairman, Philip Ridgway, retired earlier this year.

Nagaty says: “We originally wanted YRA to stay open for a couple of years but the FSA said it preferred an immediate winding up. A deal is being finalised right now.”


FSCS announces Interim Chief Executive

The Financial Services Compensation Scheme has announced the appointment of Ron Devlin, OBE, as interim chief executive, following the departure of Suzanne McCarthy at the end of May. Devlin joined the FSCS in February 2001 as a senior adviser providing advice and support to the investment claims teams and undertaking projects for the chief executive. […]

First State&#39s small cap aiming to fit a mixed market

First State&#39s British smaller companies fund manager Paul Jourdan hopes that inflows into the £40m portfolio will accelerate as performance continues to outstrip the stockmarket and rival firm. Jourdan says he would be comfortable managing up to £100m with his small-cap focused process, which has returned more than 30 per cent over the past three […]

Standard Life Investments – Global Index Linked Bond Fund

Type: Oeic Aim: Income and growth by investing globally in government bonds, investment-grade corporate bonds and other fixed-interest securities Minimum investment: Lump sum £500, monthly £50 Investment split: 100% in government bonds, investment-grade corporate bonds and other fixed-interest securities Isa link: Yes Pep transfers: Yes Charges: Initial 3%, annual 0.95% Commission: Initial 3%, renewal 0.25% […]

New non-exec for regulator&#39s board

The FSA has appointed Hugh Stevenson, chairman of Equitas and of Merchants Trust, as a non-executive director to its board. He will be on the board from June 1 for a three-year term. Stevenson was previously chairman of Mercury Asset Management Group, and prior to that was SG Warburgs managing director.


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