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FSCS set to pay back 42m surplus

The Financial Services Compensation Scheme is to refund 42m to firms in the general insurance contribution group, partly due lower than anticipated compensation in the sector. It says it is unlikely to raise the levy in 2006/07.

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Chrysalis aims for thwarted Sipp investors with art VCT

Boutique fund manager Chrysalis is launching what it claims is the first venture capital trust investing in antiques and art businesses. The company, led by chairman Robert Drummond, is looking to raise a total of 25m by April in its venture capital trust E-share class offer and will be targeting self-invested personal pension investors who […]

Northern Bank and FSA in offshore sales dispute

A dispute between the FSA and Northern Bank could deter firms from moving offshore to sell into the UK. Belfast-based Northern Bank has suspended mortgage sales into the UK from its Isle of Man arm while its lawyers and the regulator are locked in talks about whether the bank needs FSA authorisation for sales on […]

Regulation passes consumers by says CML

Regulation has prompted little dramatic change in consumers perception of the mortgage industry according to the Council of Mortgage Lenders.Consumers still feel that deciding which deal is best for them is the most difficult thing about choosing a mortgage. Understanding the information given was still found difficult by the same proportion of respondents as the […]

Britannic transfers first tranche of F&C funds

Britannic Asset Management has successfully completed the transfer of the first tranche of Phoenix funds from F&C Asset Management, bringing its total assets under management to 30bn.This follows the merger, originally announced in June 2005, of Britannic Group plc, BAMs parent company, with Resolution Ltd. The value of assets brought across so far is 13.2 […]

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