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ICS missed point of Towry Law deal

During my short life of 54 years I have probably made in excess of 10,000 errors. I have admitted to all 10,000. I am amazed that Suzanne McCarthy, chief executive of the Investors Compensation Scheme, cannot admit she has made just one mistake in her much shorter life.

She has missed the point completely over the Towry Law debacle. Every broker in the land would have preferred Towry Law to let Advizas go bust. Then the £50m would have been paid out of the ICS, which it is designed for.

Now Suzanne McCarthy stand up and admit you made a mistake and reverse it. Call Towry Law&#39s bluff to let Advizas go bust. There is £75m in the kitty. We only need £50m. Why £20m should be applied to the shareholders of Towry Law is a complete miscarriage of justice. This is setting a very serious precedent. I have had enough of this deal. It is wrong.

Peter Hargreaves,

Hargreaves Lansdown,



Mansfield loosens its tie

Mansfield Building Society has established a two-year discounted rate mortgage that has an extended tie-in of one year.The mortgage has a 2 per cent discount for two years with a current payable rate of 4.49 per cent and is available for loans up to 95 per cent with a maximum loan of £250,000. Borrowers who […]

Poor outlook for airline sector

Shares in US airlines were hit in their first day of trading after last week&#39s terrorist attacks, with Continental&#39s shares closing down 49 per cent yesterday and American Airlines parent AMR down 39 per cent.Airlines across the world announced staff cuts, with US Airways axing 11,000 jobs and Virgin Atlantic cutting 1,200 jobs. Most airlines […]

Genesis cuts mortgage rates

Genesis Home Loans has reduced the rates for all its Freedom non-conforming mortgage products by 0.5 per cent.The rate on which all products are based is now at 4.8 per cent which it says is an all time low.Genesis Group marketing director Graham Warburton says: “This reduction means our non-conforming mortgages are as affordable now […]

FSA welcomes Equitable compromise proposal

The FSA is keeping Equitable’s financial position under continuous review and has obtained it own legal advice about the size of mis-selling claims.It says without the compromise, the outlook for the with-profits fund is further uncertainty and instability. It believes the scheme published today is a ‘sensible basis’ on which to consult policyholders and says […]


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