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Igroup investigates Panorama claims

Sub-prime lender igroup is understood to have called in top accountants PricewaterhouseCoopers to investigate allegations made against it in a BBC Panorama documentary last Sunday.

The company came under scrutiny from the BBC&#39s current affairs programme for its business links with broker The Mortgage Group, formerly known as Capital Credit.

The programme alleged that The Mortgage Group was breaching Office of Fair Trading rules by cold-calling customers in arrears and offering them deals with igroup.

An employee from The Mortgage Group was secretly filmed claiming that details of debt-ridden borrowers were obtained from building societies looking to clear clients from their mortgage books.

A worker from the training department was also caught on camera explaining to a recruit that, while The Mortgage Group was technically independent, “99 per cent of the business we do goes to igroup”.

Auditors from PriceWaterHouseCoopers are understood to have already visited The Mortgage Group&#39s Cornwall base to investigate the accusations.

igroup head of corporate communications Tony Yorke said: “Although we cannot at this stage comment specifically about the allegations that were levelled, we can confirm we have launched an investigation into the business practices of igroup.”

The Mortgage Group finance director Andrew Sinclair says: “We have regular reviews by lenders. We are happy for anyone to do a review of our business.”


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IFAs will not need to be reminded of the potential impact of stakeholder pensions this year. For those expecting to be active in this marketplace, the next eight months will be fraught with activity and no doubt commensurate levels of remuneration. For those who are less fortunate, the 2001 business plan will need to look […]

Guide to complain on loans

The Mortgage Board is issuing a How to Complain guide for disgruntled borrowers who have been ripped off by unscrupulous mortgage firms. The guide is being issued following a review of complaints received by the Mortgage Board&#39s helpline in the last six months. It found that 39 per cent of all complaints against brokers related […]

Britannic plugs into the world of technology

Britannic Asset Management is plugging into tomorrow’s world with the global technology fund. Global technology has been created with long term growth in mind and Britannic is aiming it at the experienced investor looking to add to an existing portfolio of investments. Global technology will benchmark the FTSE world information technology and FTSE world electronic […]

Axa – World Opportunities Fund

Monday, 29th January 2001.Aim: Growth by investing in high risk worldwide equity stocks.Minimum investment: Lump sum £1,000, monthly £50.Investment split: 100 per cent in high risk worldwide equity stocks.Isa link: Yes.Pep transfers: No.Charges: Initial 3.5 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 01179 890808. 


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