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Fscs pledge on ‘phoenix’ cash

The Financial Services Compensation Scheme says it will start working with liquidators to claw back cash from IFA bosses that dump assets in “phoenix” firms.

New FSCS chief executive Loretta Minghella has set out a hard-line plan to ensure that bosses who wind down firms with client assets still in them are chased for as much money as possible.

The increase in the FSCS levy to IFAs announced this week has put the scheme under pressure to chase the chiefs of the phoenix firms. The FSCS has no powers to fine firms directly and cannot hand cases back to the FSA for potential enforcement.

Minghella says: “I am aware there is concern about firms that deliberately dump client assets in an insolvent firm. I am going to work with liquidators to ensure every possible penny comes from these firms so other levy payers do not have to pay the bill.”

Jamieson Financial Management principal Bruce Jamieson says: “It is a step in the right direction but they have got to give this thing teeth to make it work rather than just pay lip service to the problem. It is only fair that these people pay up when they deliberately defraud.”FSCS furore, p3


NU sets up guaranteed WP fund

Norwich Union is introducing a guaranteed version of its with-profits fund, which offers full capital protection after a five year term for an additional 0.5 per cent charge over its standard annual management charge.The guarantee is available from 7 February and this replaces a free five-year guarantee promotion that has been running for the past […]

Forsyth launches specialist portfolios

Forsyth Partners has launched two specialist sector funds of funds targeting returns from global commodities and property.The Bermuda-domiciled funds of funds portfolios will be managed by Forsyth Partners chief investment officer Peter Toogood.Forsyth global property will have an income bias while global commodities will target capital growth. Both carry a 2 per cent annual management […]

Single-minded cartel homes in on lone deal

Manchester-based mortgage broker Cartel is planning to tie to a single lender and managing director Carl Wright predicts that broker firms will increasingly look to cre-ate these types of relationships as the market becomes more competitive.


DB transfer shouldn’t be all-or-nothing

By Steve Webb, director of policy In my recent discussions with advisers, a hot topic has been the growing number of people interested in transferring their defined benefit pension rights into a defined contribution pension scheme. With many pension schemes offering eye-watering transfer values, this is likely to be an area of increasing interest. Yet […]


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