View more on these topics

FSA says split-cap debacle is worst case it has seen

The FSA has described the split-capital investment trust debacle as the worst case of misconduct it has seen but is struggling to get the 21 firms involved to sign up to its compensation package.

The statement is believed to be a further attempt by the regulator to force the firms to compromise on a compensation deal or risk an in-depth investigation. But some of the companies implicated in the splits debacle believe the evidence against them is thin.

The FSA has also been putting pressure on the firms to desist from disposing of certain funds until the issue of compensation has been settled. Last August, it told Exeter Fund Managers to ringfence the £9m proceeds of the sale of its retail funds and multi-manager business until the dispute is resolved.

PricewaterhouseCoopers has recommended that split-cap investments bought after January 1990 which were kept until October 2002 should be eligible for compensation.

FSA spokesman Robin Gordon Walker says: “We are not going to get into a league table of what is worst. But we are taking this very seriously and, with 60 people on it, it is our biggest case at present.”


Close Fund Management – The Close Man Hedge Fund

Type: Capital-protected fund of hedge funds Aim: Growth linked to the performance of a portfolio of hedge funds Minimum-maximum investment: Lump sum £10,000 Investment split: 100% in hedge funds Term: Eight years and six months Return: 13%-15% growth a year Guarantee: Original capital returned in full regardless of performance of under- lying investments Place of […]

Skills Council accused of lacking direction

Industry trade bodies branded the Financial Services Skills Council an ineffectual organisation lacking direction at the Money Marketing Live event last week. Member of the Training Debate panel LIA head of public affairs John Ellis raised concerns that the council has floundered since the departure of chief executive David Jackman last December. He thinks the […]

ACA appoints new chairman

The Association of Consulting Actuaries has elected Adrian Waddingham as its new chairman. Waddingham, a founding partner of actuaries and consultants Barnett Waddingham, will take office from June 1, replacing Mercer HR Consulting worldwide partner Gordon Pollock, who had been in the position for two years.


From another planet

I was interested to read Terrence O” letter (Money Marketing, April 29). I have read his odd letters over the years and have refrained from providing comment but his latest suggests he is firmly upon another planet as far as the debacle of with-profits is concerned. Sadly, it would appear that Mr O’ continues to […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm