View more on these topics

FSCS says it’s braced for BIA complaints

The Financial Services Compensation Scheme is bracing itself for a flood of comp- ensation claims after receiving almost 300 in less than a week since Berkeley Independent Advisers was declared in default.

The FSCS says it is aware of at least 300 current or expected misselling complaints against the BIA network.

It says around 250 have been passed on by BIA’s administrators PricewaterhouseCoopers, with the remaining 50, which relate to former BIA appointed representative Weston, being referred on from the Financial Ombudsman Service.

The FOS has been writing to claimants warning them of possible delays as it has been responding to a big number of complaints against Weston, which are being bundled together so that updates can be sent out at the same time.

But Tenet, which bought BIA’s assets but not liabilities in March, says it has only had around 20 complaints rel-ating to activities before the takeover.

Tenet chief executive Simon Hudson says: “We have seen less than a handful of complaints since the takeover and we have dealt with around 20 relating to sales before we took over BIA and these are without fail relating to endowments.”

FSCS spokeswoman Suzette Brown says: “Most of the claims we are aware of relate to endowment misselling. However, we have received a small number of claims relating to investment bonds and personal pensions.”

The FSCS says that consumers can claim compen-sation of up to 48,000 if they have lost money as a result of negligent advice from BIA members.

Recommended

Land bank alert from FSA

The FSA has warned financial advisers to check the status of land banking companies before putting their clients into such schemes.The regulator says it is concerned over whether land banking schemes are collective investments and therefore subject to regulation.Schemes that are deemed to be collective, but where there is no regulation, would be operating illegally.It […]

TUC warn of new employer NPSS lobbying risk

An ‘under the radar’ lobbying campaign headed by retail and hospitality firms could harm the pensions of one in six workers, warns the Trade Union Congress.The TUC says it has learnt major employers are lobbying ministers to introduce a waiting period of one year before employees in a new job gain compulsory employer contributions to […]

Bee accuses Govt of ‘unjustifiable’ attacks on advisers

Pension guru Steve Bee has attacked the Government for criticising advisers while failing to provide the public with information about the simplified pension regime. Scottish Life’s head of pensions strategy says there is still no simple literature available from Government departments which clearly explains the opportunities offered by A-Day, especially in complex areas such as […]

Out of context

“It’s all about multi-tasking.”Omnipresent hack Annie Shaw demonstrates how to balance a wine glass, cigarette and canape“I am a bad indian girl.”Lansons PR Jeena Nadjaran on her lack of cricket knowledge“That would make a great t-shirt, though, wouldn’t it?”Bloomberg Money’s Julian Marr on afore-mentioned admission“No serious journalist doesn’t have my number.”Threadneedle director of communications Richard […]

Abe and Modi

Investment ideas to power returns

We believe the most exciting stockmarket opportunities today are in those places where a new generation of leaders are successfully transforming economies and companies in favour of investors. In a new investment guide and website, which is suitable for use with your clients, we set out our views on these reformers. Click here to find […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com