Millfield Partnership Limited’s capital adequacy deficit would have risen to 7m by February 2007 if the FSA had not pulled the plug on the firm.The regulator, in its final notice to MPL, said the firm failed to provide a viable proposal to rectify its 4.5m deficit and it was therefore forced to remove the firm’s permissions as the deficit was forecast to grow significantly. MPL had repeatedly written to the FSA about its plans to try and reschedule loans but these plans fell through. It requested a short stay of execution to allow a sale of the business but was told that a proposed sale itself was not sufficient reason not to give the decision notice. The FSA also said it has serious concerns about the risk of consumer detriment if the firm’s permissions continued. FSA head of department, enforcement division Jonathan Phelan says: “MPL reported a deficit as at February 28, 2006 of 4.5m. Its projections showed that unless it was able to reschedule loans and inject new capital, the deficit would continue to increase and peak at 7m in February 2007.”
Aifa and the Institute of Financial Planning are to hold a series of one-day courses designed to help advisers move to a fee-based model. The first of the courses, run with FP Advance, will take place on September 14 at the Mermaid Conference & Events Centre in London.
The issue is having wider repercussions as the consumer benefit of the document in its current form is now being called into question. Aifa director general Chris Cummings says the OFT’s decision has sent a clear message that the menu has been skewed against advisers since it was set up when depolarisation was introduced last […]
Personal finance portal Find.co.uk has recruited Kate Marsden as marketing director from BT.
Kunal Desai, Head of Indian Equities at Neptune Investment Management India’s stockmarket rallied this week following news that the central bank was cutting interest rates more aggressively than expected. Commenting on the rate cuts and what this means for India’s economic growth, Kunal Desai notes that there were two important details in the announcement that have […]
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