Shares in internet company Freecom shot up on the companies debut on the Alternative Investment Market (Aim). Trade opened at 138 per cent premium on the initial public offering price – at 310p compared to the 130p initial offering. Freecom designs e-commerce packages for small and medium-sized firms. Share dealers speculate internet stocks are in for a mini-boom.
The Inland Revenue is set to get new powers that will force banks, accountants and lawyers to hand over papers in serious fraud cases.The new measures are to be included in next year's finance bill.They are expected to reduce the need to enter and search premises for evidence.
Reliance Mutual is on the brink of insolvency according to a top industry analyst.The small life office was forced to shut its doors to new life and pensions business last week because of the cost of pensions misselling.And the same misselling liability, which is set to grow further into “tens of millions” could place such […]
oftware giant Misys is poised to dip into its £50m war chest to scoop M&E Network and Interdependence in a £25m deal.Misys, which already owns 900-member Countrywide and splashed out £55m in August for IFA networks Financial Options and Kestrel, is understood to be mounting a £25m buy-out bid for the two Greatminster Group-owned networks.Money […]
Flexible Cash Release PlanType: Equity release scheme aimed at the over 60s.Minimum property value: £60,000.Minimum-maximum loan: Minimum of £10,000, subject to a minimum of 10% of the property value. Maximum of £500,000, subject to a maximum of 45% of the property value.Interest rate: 7.85%.Minimum-maximum age: Minimum 60, no maximum.Charges: Valuation fee £165 minimum. Application fee […]
By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]