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ICS defends move as ProAct seeks review

Aifa is sending out a newsletter to its members giving the Investors&#39

Compensation Scheme&#39s explanation for taking the unprecedented step of

assisting Towry Law over its pension misselling black hole.

The move comes as ProAct Legal launches a legal challenge against the ICS

which has taken responsibility for £30m of Towry&#39s £48m liability

to let its AMP deal go ahead.

In the newsletter, the ICS claims the deal is in the interests of levy

payers and claimants and it did not offer the deal but responded to a

proposal it received.

It denies agreeing to the arrangement just because big players were involved.

ProAct Legal&#39s No Way ICS campaign for a judicial review is under way

after it received calls from over 100 disgruntled IFAs seeking advice.

ProAct Legal is asking IFAs to contribute to an industrywide fighting fund.

It is also considering asking IFAs to pay their ICS levies into its client

account until a more detailed explanation of the deal is given.

ProAct Legal partner Gareth Fatchett says: “We are ready to look at the

legal avenues to get the whole matter reviewed. What is crucial now is that

all advising firms who feel strongly must contact us.”

An ICS spokeswoman says: “What the ICS has done is within its rules.”

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