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FSAVC review could face legal challenge

FSA plans to penalise insurance companies and IFAs over the misselling of FSAVCs have been thrown into doubt after a City law firm has claimed they may be illegal.

The report in today&#39s Financial Times says lawyers Reynolds Porter Chamberlain are warning the FSA that any attempts to fine or penalise IFAs or providers could be subjected to a legal challenge.

The lawyers claim the review into pension top-ups may be hit by legal challenge, similar to that instigated by the IFAA over the personal pensions misselling review.

A potential legal challenge would centre on the &#39Limitation Act of 1980&#39 which stipulates companies have no liability for products if more than six years have passed since their sale, or if later more than three years has passed since the purchaser became aware of the potential loss.


IFA fined over pensions misselling review

The PIA has taken disciplinary action against Leicestershire IFA Bland Bankart Financial Services over compliance failings resulting from the pensions misselling review.Bland Bankart of 26 De Montfort Street, Leicester was fined £20,000 and ordered to pay PIA costs of £2,200.Among the areas identified by the PIA were inadequate monitoring and failure to identify a starting […]

Bradford & Bingley to outline conversion process

Bradford & Bingley is to set out its conversion timetable when its writes to its 3.1m members next month according to the Financial Times.The provisional timetable provides members with a schedule for the demutualisation which is likely to culminate in a final vote next summer and conversion by the end of 2000.Details of how windfall […]

Murray Johnstone appoints investment director

Investment specialists Murray Johnstone has appointed Douglas Thomson as investment director and head of UK equities.Thomson joins the fund managers from Robert Fleming where he was responsible for developing its UK equity strategy for its fund managers.

Pensions splitting deadline set for end of 2000

The Government has set a target date of the end of 2000 to implement its pension splitting plans for divorcees.It has now published draft legislation outlining its plans which will allow clean break settlements, dividing pension benefits between spouses on divorce.Currently the law only allows pensions rights to be shared by &#39earmarking&#39 part of the […]


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