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FSA to probe Pearl staff over misselling claims

Up to 35 Northern Scotlandbased sales staff at Pearl are being investigated by the FSA concerning allegations of sales irregularities.

A spokesman for trade union Amicus which represents the workers says about 35 sales staff, the majority of whom are waiting for redundancy payments from Pearl after its salesforce was closed, are being investigated by the FSA for alleged misselling of pensions.

The spokesman says redundancy payments have been suspended while the investigation is carried out and staff will not get references until it is complete.

The union is pushing for Pearl, which is owned by AMP, to urge the FSA to complete the investigation as quickly as possible.


Standard ditching endowment savings plan

Standard Life is scrapping its long-ailing endowment savings plan as part of an ongoing rationalisation of its product range.The company stopped processing quotes for the product last week and will not take new business after June 17. It says it will not allow top-ups to existing plans after this date. The move does not affect […]

Revenue loses appeal over trust case

The Inland Revenue has lost a Court of Appeal case in which it tried to prevent life companies including Scottish Equitable and Skandia from offering spouse alienation trusts. The Court told the Revenue last week it must seek legislative change from Parliament to prevent the trusts – which allow spouses to sidestep reservation of benefit […]

MM survey shows 25-year WP values falling by 19%

The trend in falling maturity values for 25-year with-profits endowments continues unabated, according to the latest Money Marketing Online with-profits survey.The survey shows that the average maturity value of a 25-year endowment with a monthly premium of £20 has dropped by 19 per cent to £27,707 from £34,371 last year.It also reveals that of the […]

Widows cutting projection rates

Scottish Widows is downgrading the projections on its with-profits endowment policies because it no longer believes the FSA-sanctioned rates of return are realistic.The company says this may mean that more policyholders receive red and amber letters but it says to continue using the FSA projections of 4, 6 and 8 per cent would leave it […]


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