View more on these topics

High court says windfalls not counted in pension review

The High Court today decided investors will not have their pensions misselling compensation reduced because they received demutualisation benefits.

Law firm Reynolds Porter Chamberlain representing personal indemnity insurer Collegiate and IFA firm Needler says it is disappointed at the outcome of the windfall shares test case.

It argued as a matter of common sense losses from pensions misselling should be reduced by the amount of demutualisation benefits investors received.

RPC says the decision will have a knock-on effect on PI insurance and is unlikely to reduce the premiums IFAs will have to pay as it hoped would happen if the case had been successful.

Collegiate managing director Tony Howe says: “We are considering the avenues open for appeal. Unfortunately, PIA rules mean that we have had to pay both sides&#39 cost of the action, which are in excess of £250,000. An appeal is likely to cost as much again.”


Mellon – Mellon Global Alternative Investments Fund

Tuesday, 31 July 2001.Type: Oeic.Aim: Growth by investing in hedge funds.Minimum investment: Euros 125,000.Place of registration: Dublin.Investment split: 100 per cent in hedge funds.Isa link: No.Charges: Annual 1.5 per cent.Commission: None.Tel: 020 7653 2794.

Finsbury Tech Trust interim results show 11 per cent fall

Finsbury Technology Trust saw its net asset value per share fall 11 per cent in the six months to May, down 4 per cent on its benchmark, the Morgan Stanley Capital International World Index, which fell 7 per cent. The trust&#39s share price fell 8.7 per cent over the period.As was the case last year, […]

Northern Rock rolls out three savings bonds

Northern Rock has launched three new fixed rate bonds with fixed interest rates of 5.80 per cent gross for one year, 5.90 per cent gross for two years and 6.00 per cent gross for three years.The bonds will be available from August 7 with a minimum opening balance of £500 and a ceiling of £2m. […]

Clerical Medical not taking the multi-tie route

Regarding the article in last week&#39s Money Marketing headlined, Clerical joins the race to buy IFAs, Clerical would like to clear up any misunderstandings that IFAs may have on its stance on polarisation. Clerical Medical is a firm supporter of IFAs and polarisation and believes that multi-ties represent the worst possible scenario as a distribution […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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