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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.”


Taper chase

Owners of shares qualifying for business assets taper relief have longlooked forward to April 6, 2002 as a key date. From that time, the full 75 per cent taper relief will apply for thoseshareholders who have held shares for four years, the commencement of thisfavourable regime having been in 1998. Many sales of private companies […]

Britannic launches split capital trust

Britannic Asset Management is launching a new split capital investment trust focusing on UK equities.The Britannic UK Income Trust will be BAM&#39s third investment trust, and hopes to attract capital in the region of £400m.The trust will offer guaranteed income shares at 100p, with a guaranteed dividend of 7 per cent a year, and redeemed […]

Skandia bonds with pension trustees

Moving on to the main useful features and strong points of the bond, Reid says: “Access to a variety of funds and managers plus relatively cheap and easy switching.”Bumford likes the relatively low limit on initial and top-up premiums, the wide range of funds and the penalty free switches.Elms lists: “Guaranteed pension fund, free switching, […]

Premier c-lects cautious approach

Premier Portfolio Managers has added the cautious portfolio to its C-lect portfolio management service.The C-lect portfolio service already offers the balanced portfolio for low-risk investment, the growth portfolio for medium risk and the enterprise portfolio for investors who want to take higher risks.The cautious portfolio aims to provide a lower risk fund than the existing […]


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