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FSCS estimates BBB redress at 544k

The Financial Services Compensation Scheme expects to pay out over half a million pounds to clients of former BBB Network members.

The FSCS says it is aware of over 400 potential complaints against members of the BBB Network, formerly Berkeley Independent Advisers.

It says 68 per cent of complaints relate to missold mortgage endowments, with the average compensation payout on these claims being 2,000.

Spokeswoman Suzette Brown says the FSCS expects to pay out 544,000. Around 100 complaints have surfaced in the last week, mostly passed on by administrator PricewaterhouseCoopers.

But Tenet Group says it has received only about 20 complaints against former BIA members relating to sales conducted before the sale, which it says are all endowment claims.

Former BIA member Stewart Brookes – now with Interdependence – says he is not happy with liabilities falling on the FSCS.

The Brookes Christian & Co senior partner says: “When a company goes into administration, it seems to open the floodgates for claims.

“I wonder whether there are ambulance-chasers getting involved because they think a firm might be less likely to defend their claims if the company is going under.”


SIML in UK version of 130m global best ideas fund

Skandia Investment Management is introducing a UK version of its global best ideas fund next month featuring the five UK managers from the global fund plus five others including Schroders’ Richard Buxton. The UK best ideas fund, which launches on October 11, will replicate the global fund with each of the 10 managers providing their […]

Buy-to-let tops investment return table

Buy-to-let investors are getting the best return of all asset classes, according to Landlord Mortgages. Investors who purchased a buy-to-let property with a deposit of 25,000 could expect to see a 39,309 profit over six years. This is significantly higher than the 415 achieved by those who invested in the FTSE 100 over the same […]

Broker Talkback

Do you think that mortgages with high arrangement fees should be banned from best-buy tables?

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


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