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FSCS steps in to assist Whiteley customers

The FSCS is stepping in to assist customers of Whiteley Insurance Consultants.

The FSCS has declared WIC in default to enable it to provide immediate assistance to the provisional liquidators for emergency claims that fall within the scope of its protection, whilst the financial position of the firm is being established.

FSCSs chief executive, Loretta Minghella says: We are naturally very concerned about the position of policyholders with emergency claims, particularly if the claim relates to emergency medical treatment.
He says: “We have taken the decision to assist the provisional liquidators with the payment of emergency claims, where we can, whilst the financial situation of the firm is being clarified.

FSCS can now consider emergency claims arising from business conducted on or after 14 January 2005. The provisional liquidators are currently trying to
establish the financial position of the firm, which may hinder its ability to meet some urgent claims immediately.


Exchange sale sanctioned

The acquisition of Marlborough Stirling by Vertex Data Science has been sanctioned by the high court of justice.Marlborough Stirling is the parent company of IFA portal The Exchange.Vertex, a subsidiary of United Utilities, bought the company in March for 95.3m.It is expected to take control from 12 May.

Hedge probe to report in June

The FSA says its investigation into the hedge fund industry will report at the end of the second quarter. The probe, launched in January, has involved visits to hedge fund firms, checking dealing data and taking written submissions from fund managers.

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