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 […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
The FCA cancelled the authorisations of more than 200 firms last year for failing to meet “basic regulatory requirements” like paying their fees or filling out regulatory returns. The regulator revealed the figure in an update today, that its Threshold Conditions Team took enforcement action against at least 207 firms for failing such compliance failings […]
Royal London chief executive Phil Loney has said that mandatory advice on drawdown could be a “potential solution” to problems in the market as he hits out at how providers treat non-advised clients. Speaking with Money Marketing, Loney said that the company was worried about how customers in the back books of long-established pension companies […]
Pimco has warned the FCA a review of the scope of products and investors affected by Libor is needed as the regulator calls for the end of the benchmark. In July, FCA chief executive Andrew Bailey said Libor could be phased out by the end of 2021 and that authorities were working on several alternatives to […]