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IFA sues Burns Anderson for £200k in PI row

Burns Anderson is being sued for £200,000 by an IFA looking to recover pension misselling costs in a case that could trigger claims against the network worth up to £1.9m.

Sheffield-based IFA Knowles Warwick Fin-ancial Services is claiming that Burns Anderson app-lied professional indemnity excesses to every claim against the company but that the network was only entitled to charge one excess per firm under the terms of its insurance policy.

At the same time, a number of other Burns Anderson companies are asking the court to consider their claims which total £1.9m.

Papers seen by Money Marketing reveal that the firm is arguing that Burns Anderson failed to notify it and other IFAs that it changed its PI insurance from excesses on a per firm to a per case basis in 1994.

If successful, the case could set a costly precedent for actions against a string of other high-profile networks which are understood to have similar PI arrangements.

Proact Legal partner Gareth Fatchett says: “The case fundamentally looks at the basis of what IFAs pay networks for.”

Burns Anderson chief executive Steve Kelland says: “I am surprised it has taken eight years for people to work out whether there is a claim. The law has not changed since 1994.”


Chartwell says savings compulsion still needed

IFA Chartwell has warned the Sandler review will not meet some of its original objectives such as encouraging those on low incomes to save despite being “well-intentioned”.The IFA says that the simple range of products will not get people to save without a long term learning process and some element of compulsion.

Britannia International – 3 Year Fixed Rate Deposit Account Issue 2

Monday, July 8, 2002Type: High interest accountMinimum-maximum investment: £10,000, £5,000 for existingBritannia International customers-£1mPlace of registration: Isle of ManInterest rates: £5,000-£24,999 5.15% gross a year, 4.85% gross amonth, £25,000 and above 5.25% gross a year, 4.95% gross amonthTerm: Three yearsOffer period: Until further noticeWithdrawal penalties: No withdrawals permitted during termTel: 01624 681100

Family of new stakeholder products proposed

A new family of priced capped, catmarked stakeholder-style products should be created for sales outside the currently regulated advice structure according to the Sandler review.The products would be price capped at one per cent and cover a mutual fund or unit linked life fund, a pension fund and a with profits product with consideration given […]

Sandler stockmarket announcement tomorrow morning

Tuesday&#39s publication of Ron Sandler&#39s review into medium and long term savings will be kicked off with a stockmarket announcement at 7am tomorrow morning. It will then be followed by a press briefing at 11am when the full text of the report will be available.


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