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FSA backs campaign against chasers over charges

The FSA is backing the Which? and Moneysaving- campaign against claim firms that charge consumers a fee without telling them they could claim for free.

The campaign seeks to address confusion after research showed one in four people was unaware that claim firms charged a fee.

Around three-quarters of payment protection insurance claims come from claim firms. The Financial Ombudsman Service believes total complaints will reach 260,000 in 2012/13, with around half relating to PPI. Since January 2011, about £3bn of PPI redress has been paid.

Speaking to the Chartered Institute of Bankers last week about the sheer number of PPI claims, FCA chief executive designate Martin Wheatley said: “A significant proportion of these complaints have been driven by claim companies and I am sure they annoy you as much as they do me. There is no need for consumers to use a claim firm where it is free and easy to complain to a firm directly, so I welcome banks getting together with Which? and Money Saving Expert.”



L&G warns FSA over possible fixed-term annuity misselling

Legal & General has warned the FSA it has “deep concerns” about the potential for misselling of fixed-term annuity products. The fixed-term annuity market has continued to grow this year as providers look to offer consumers alternatives to conventional annuities. LV=, MetLife, Just Retirement, Aviva and Primetime Retirement all offer fixed-term annuity products. Speaking to […]


Clients face higher costs from DFM tax

Discretionary fund managers have warned the European Court of Justice’s recommendation that all elements of DFM services should be subject to VAT is likely to push up costs for investors. An opinion statement from advocate general Eleanor Sharpston, published this week, says DFM services, including dealing fees and commission, should be subject to VAT. The […]

French firm Carmignac to launch 10 funds in UK

French firm Carmignac Gestion says it intends to launch 10 funds in the UK in the second half of this year. The firm opened its London office last month, where its distribution team of four, led by head of country UK Matthew Wright, will plan the sales strategy for the UK.Carmignac Gestion plans to launch […]

Thames River survey finds top performers

Thames River Multi-Capital says the most consistent two sectors for top-quartile returns over the last three years are the IMA global emerging markets and the IMA Europe ex-UK sectors. In its latest FundWatch survey, the firm says 10 per cent of funds in the IMA global emerging markets sector and 5 per cent of funds […]


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