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FSA picks probe team for BBB

The FSA has appointed investigators to scrutinise the liquidation of Berry Birch & Noble Financial Services following its decision to block Berkeley Berry Birch&#39s bid to dump the national IFA shell&#39s potential liabilities.

The regulator halted the transfer of BBNFS&#39 business to BBN Financial Planning in April as “a precautionary measure” pending its review of transactions that occurred before the liquidation.

It has now appointed investigators to probe the liquidation and BBNFP&#39s potential purchase of BBNFS, which the FSA fears could leave the business with insufficient assets to cover anticipated liabilities.

BBB says it has been told by the FSA that the move is not an indication that it has done anything wrong, pointing out that it continues to work closely with the regulator. But if the investigation – which could clear the way for the purchase of BBNFS – uncovers rule breaches the FSA is likely to take enforcement action.

A BBB statement says: “The FSA has informed us the appointment of investigators does not mean that they have determined that rules breaches and/or other contraventions have occurred. The directors remain confident in the outcome of the investigation.”


Wagstaff steps down as M&G restructures

Phil Wagstaff is stepping down from his role as M&G managing director (UK retail) as part of a wider restructure of the firm&#39s sales and marketing operation. Wagstaff is understood to be taking a break after seven years at M&G and 20 years in the industry. Under the restructure, John Goddard will now head both […]

Mortgage Express chief rejects BTL practice code

Mortgage Express managing director Tim Dawson has hit out at AMI calls for buy to let to come under a code of practice, saying the comments are “misplaced”. The AMI says introducing a code of practice would bolster confidence in the BTL sector, a view backed by Zurich Mortgage Network which wants a code similar […]

Cheltenham & Gloucester – 4 Year Capped Rate Mortgage

Type: Capped-rate mortgage Capped term: Until July 31, 2008 Capped rate: Up to 95% of valuation &#45 6.24% house purchase, 6.49% remortgages, up to 90% of valuation &#45 5.99% house purchase, 6.24% remortgages Minimum loan: £25,000 Maximum loan: Up to 95% of valuation subject to no maximum Income multiples: Up to three times principal income […]

Pink offers free membership until M-day

Pink Home Loans is dropping charges for members until October 31 when mortgage regulation commences. Intermediaries joining Pink&#39s appointed representative network can do so under their own MCCB number and will only have to pay an application fee. Pink IT and compliance director Elliott Stoneham says: “The only cost will be the initial application fee, […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


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