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Imro fines Lloyds TSB £100,000

Lloyds TSB has been fined £100,000 by City regulator Imro for failings in its now deceased custody business that looked after share certificates and other valuable documents for customers.

The failures included inadequate procedures for holding bearer bonds, which attract thieves because owners are not registered by the issuer.

In November 1997 Lloyds lost track of £30 million of the bonds although they were eventually found.

Lloyds which also has to pay £115,000 legal fees said it deeply regretted the errors and accepted the findings.

This is the third £100,000 fine imposed by Imro in four months, Royal Bank of Scotland was fined in August and Yorkshire Bank in October.


Warning over end to negligence time limits

Insurance law firm Reynolds Porter Chamberlain has warned IFA firms and insurers that time limits on negligence cases against them may no longer exist.The warning comes after a series of Court of Appeal and High Court rulings effectively abolishing the Latent Damage Act&#39s 15-year time limit on negligence cases.It means that IFAs could be sued […]

Merrill Lynch appoints new fund manager

Merrill Lynch has appointed former Schroder Investment Management fund manager, Hugo Tudor to its Select team. Tudor will join the team, which manages large UK balanced portfolios, in February 2001. At SIM he was a member of the UK Specialist team as well as responsible for several larger balanced portfolios for UK institutional clients. Merrill […]

Synaptic and Focus link up to aid IFA net trading

Financial services software firms Synaptic and Focus Solutions are teaming up to offer IFAs increased electronic trading capability.Synaptic will use the internal server version of Focus&#39s goal:proposal software with members of the Burns And erson and Berkeley networks.The software makes it easier for IFAs to complete and submit new business applications electronically.Using the Focus software […]

Sun Life Financial retrains salesforce

Sun Life Financial of Canada demob ilised a third of its salesforce following concerns about standards of training and competence.SLFoC took its 750-strong salesforce off the road in two tranches to give them training on its new bespoke software system.The company had put the full salesforce back on the road but then took around 220 […]

Boosting our annuity strategies

Targeting annuity purchase in lifestyle strategies isn’t anything new but we’ve just lifted the bonnet and injected an enhancement shot into the end-point of these solutions. The recent volatility has shot short-term volatility into equity markets and painted a very turbulent backdrop but we’re also equally faced with a stressed fixed interest environment. This can […]


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