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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.”

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A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery

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