Friends Provident has rejected a 3.5bn offer from private equity group JC Flowers, saying it “significantly undervalues” the company.
Gordon Brown and George Bush are to set up a UK-US working group which will develop proposals to monitor and regulate banks with cross-border interests according to the Financial Times.The move comes after Chancellor Alistair Darling and his US equivalent Hank Paulson agreed plans to form a body of senior Treasury and regulatory figures from […]
The Association of Mortgage Intermediaries has voiced its support for the open letter backed by seven of the biggest UK mortgage distributors, as revealed in Money Marketing today.
Agriculture has moved from a niche investment play into the mainstream over the past year. Investors looking for alternative asset classes have been quick to buy into the agriculture story, attracted by long-term themes of rising meat and dairy consumption in the developing markets and demand for biofuels.Appetite for the sector has been so strong […]
Royal London blames market turbulence for a 58 per cent fall in profits to £181m last year from £431m in 2006.The firm says the reduction “reflects, to a considerable extent, adverse investment market conditions, particularly in the second half of 2007”.Royal London says the group continues to be well capitalised and has an excess over […]
This year looks set to bring a new danger for pension savers and their employers.
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Sesame must compensate a client who complained she was missold a personal pension by one of the network’s former appointed representatives. According to a Financial Ombudsman Service decision, in 2002, Mrs P met with an adviser of a business that was at the time an appointed representative of Sesame. Following this meeting Mrs P agreed […]
Financial advisers need to engage in less systematic risk tolerance testing to position clients for high investment returns, according to risk profiling firm Oxford Risk. Speaking at a FinaMetrica/miPlanPlus event today, Oxford Risk head of behavioural finance Greg Davies says suitability across the industry is “rife with poor practice”. Davies says the most common adviser […]
The FCA is attempting to ban the boss of a debt management firm for allegedly using client money to purchase the business. Darren Lee Newton purchased First Step from former director Christine Whitehurst in 2013. The FCA argues he funded the deal through client money rather than out of his own pocket. Newton allowed more […]