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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.


C&G extends intermediary incentive

C&G is extending its intermediary incentive paying £500 for all cases of £250,000 or more. Intermediaries will receive the sum for all cases that are introduced from 2 July to 30 September.C&G is also extending the completion date for all cases of £200,000 or more, that were introduced between May and June. These will qualify […]

Leeds & Holbeck cashes in on Tessas

Leeds & Holbeck Building Society has unveiled a cash individualsavings account (Isa) for investors who have maturing tax exemptspecial savings accounts (Tessas.) The 2-year Tessa Isa is suitable for investors who are looking forsomewhere to put their Tessa cash but do not want to tie it upover the long-term. As a cash Isa, it could […]

EFM acquires Portfolio

Edinburgh Fund Managers is to buy Portfolio Fund Management for £12m, plus up to a further £8m calculated in reference to Portfolio’s future net sales.Portfolio’s £430m of assets take EFM’s funds under management to £8.3bn.

Supermart sweep in prospect as AMP buys iii for£52m

AMP has bought personal finance website Interactive International Investor in a deal worth£52m, making its second acquisition in two weeks.The move follows AMP&#39s takeover of Towry Law for£75.7m, giving it 200 RIs in the UK.AMP is offering 30p a share, making the deal worth£52.1m in share capital. Shares in iii closed on Monday at 25p, […]

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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