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FSA adds 151 schemes to FSAVC review

The FSA has updated the list of schemes falling under its FSAVC review, adding 151 schemes representing about 2.5 per cent of all people holding these policies.

Despite the large number of schemes being listed, the size of schemes means they represent a much smaller percentage of the market than the 67 schemes listed under the first phase , which made up 8 per cent of all investors with FSAVC policies.

The FSA estimates the total of FSAVC policies falling under the review because of misselling concerns is 10 per cent or 120,000 of the 1.2 million sold.

Firms have to complete the additional identification exercise before September 1 and must contact investors by September 21.

The original deadline for completion of the review was June 30, 2002 but this has been delayed because of the new cases. Now firms must make an offer of redress on 90 per cent of their cases by that date and can make the rest of the offers by December 31, 2002.

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Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
• The turnaround in individual countries’ current accounts
• Sectors best positioned to harness the recovery, without offering undue exposure to risk

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