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Highest ever compensation award for breach of mortgage code

An intermediary is being ordered by the Mortgage Code Compliance Board to pay compensation of £66,300 to a client, the biggest ever pay-out to date for a breach of the mortgage code. The MCCB has not named the broker who the mortgage code arbitration scheme says did not give suitable advice or exercise due care when selling an equity-release mortgage. It decided the intermediary did not ensure the client understood the arrangements being made.

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VAT is key to Sandler pay plans, says Sofa

Ron Sandler&#39s proposals for the remuneration of IFAs are easier to swallow than those outlined in CP121 as long as the Government sorts out the issue of VAT on fees, claims Sofa.Entering the fray between the professional and trade bodies on which set of proposals make it easier for advisers to remain independent, Sofa chairman […]

AIG LIfe offers low-cost trustee bond

AIG Life has established the premier trustee bond, which aims to provide pension trustees with low-cost access to a range of internal and external funds.AIG Life already has a trustee investment bond aimed at trustees with small portfolios but this bond is aimed at those with portfolios of at least £250,000. It is available in […]

Investec loses top fund manager

Investec Cautious Managed Fund manager Chris Burvill has quit the company after more than 10 years to join Gartmore.He will be replaced by the £40m fund&#39s deputy manager Alistair Mundy, who will also take over the helm of the UK Value Fund. He has been with Investec since July 200 after spending 12 years at […]

Zurich International Life – International Wealth Account

Wednesday, 31 July 2002Type: Single premium unit-linked bond Aim: Growth by investing in unit trusts, Oeics and fund of funds Minimum investment: Lump sum £40,000 Place of registration: Isle of Man Investment split: 100% in unit trusts, Oeics and fund of funds Isa link: No Charges: Initial &#45 structure A up to 2%, structure B […]

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