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FSA proposes no change on FSCS and FOS limits

The FSA has proposed making no change to the compensation and Ombudsman payment limits.

The regulator has announced the findings of its review of the compensation and eligibility limits of the FSCS and for the compulsory jurisdiction of the FOS.

The key findings of the review are that most claims or complaints are still well below the current maximum limits. It says there is no evidence that consumer behaviour and market confidence are being significantly affected by current limits.

The regulators work has shown there is a very wide range of views among stakeholders and the FSA is consulting on some specific issues. It will discuss whether the maximum limit for the ombudsman awards from the current 100,000 to 200,000 pounds.


Cripps portfolio to be acquired by management and staff

Cripps Portfolio is to be acquired by its management and staff. They have bought a controlling stake in the investment and wealth management business owned by its founders Cripps Harries Hall LLP. Cripps Portfolio demerged from the Tunbridge Wells based legal practice in 2001 and now administers over 650m of funds. Following the buyout almost […]

Amazing Grace steals the show

MM is too modest to include its own 20th Birthday Somerset House extravaganza in its parties of the year list although it had all the right ingredients – ambulances, chocolate fountains and drunk bucking bronco riding – so here is the run-down. Number one is the Lifesearch karaoke party with the now famous Austin/Lappin transvestite […]

Brown feared Revenue liability on Sipps

Chancellor Gordon Brown did not ban residential property in Sipps outright as he was worried about the poss- ibility of the Revenue being sued, says Sipp administrator Hornbuckle Mitchell. Hornbuckle managing director Mark Stubbs says the Chancellor was concerned about the Revenue’s position after it publicly stated that Sipp investors could buy off-plan residential prop- […]

Retirement Plus hires new heads of sales and ops

Retirement Plus is hiring Fred Paton and Michelle Martinez as its new head of sales and head of operations respectively. It is the new firm launched in conjunction with British Land and Delancey and its offering a new product Property Plan, and a new offering in the equity release market. It hopes to increase levels […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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