Aifa is recommending that complainants should provide a signed declaration that their complaint is genuine in a bid to crack down on vexatious complaints generated by claim chasers.It is asking members to ensure that complainants complete a “statement of truth” letter. It says the tactic has been used with some success by firms in other sectors which have seen some complaints withdrawn. Aifa deputy director general Fay Goddard says: “The purpose of the letter is to make sure that complainants reflect on the position of the complaint and to make them fully aware of exactly what grounds they are complaining on. “It is no good just ticking boxes on claim management firms’ application forms. We want people to think clearly what they are claiming for.” Personal Finance Society public affairs director John Ellis says: “I think it could deter some people that do not have any basis for their claim if they have to think through a set of questions. It is a good idea if it concentrates minds.” Aifa’s call comes as the Claims Standards Council, the self-regulatory body for claim management companies until statutory regulation comes into force, says it has seen a dramatic fall in the number of endowment claim firms. It says the number of firms in its membership has fallen from 20 at the end of last year to just six. It says many claim consultants – one-man bands that act as lead-generators for management companies – are springing up instead. CSC spokesman Andy Wigmore says: “We have seen a flood of people applying to us as sole traders as many of the claim firms have disappeared.”
Standard Life Investments is developing its closed-end fund business with the appointment of Gordon Humphries as head of investment companies. Humphries, who is expected to join the firm this summer, was head of invest ment trusts at F&C Asset Management. Working with head of UK Institutional Business George Walker, Humphries will assume responsibility for leading […]
Did Millfield’s business plan bear any resemblance to reality?
A ruling in a small claims court has effectively given the green light for time-barred endowment complainants to take their cases to court after ruling that a red letter provided insufficient warning to a policyholder. In March, a judge at Reigate county court ruled that endowment policyholder Vincent Cunningham, who was time-barred under FOS rules, […]
The Association of Mortgage Intermediaries is offering a guide to help members with the increasing number of clients who want to buy a property overseas. The factsheet, Advising Clients Thinking Of Buying Abroad, warns that advisers dealing with these types of clients must be aware of the differing rules and regulations regarding mortgages and property […]
Vincent Chailley, CIO of H2O Asset Management, discusses the key investment factors in 2016, including volatility, the disconnection between central banks and its implications on markets, as well as opportunities that may exist for investors.
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Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
Knowing what assets each operator will accept and with what conditions is becoming increasingly difficult The recent well-publicised events concerning Sipp operator asset acceptance have focused the mind of a number of advisers. We have been fielding enquiries about our own Sipp and the asset classes we as a Sipp operator would consider. But this […]
Investment trust sales may come under pressure due to new EU rules, experts have warned. The potential benefits of gearing on investment trusts risk being overlooked as new cost reporting rules make them look more expensive compared with open-ended funds. Traditionally, closed-ended funds have looked attractive based on lower costs compared with other structures, as […]