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Law firm challenges PIA in &#34windfall shares&#34 test case

Lawyers Reynolds Porter Chamberlain has issued proceedings in the “windfall shares” test case instructed by PI underwriters Collegiate Insurance on behalf of IFA Needler Financial Services. The law firm is challenging the PIA&#39s decision that people missold personal pensions do not have to give up any of their compensation on receipt of windfall payments if their product provider demutalises. In this case the investor sold shares received on Norwich Union&#39s demutualisation for £10,000. The court will decide whether he is entitled to the full £26,000 compensation, or to £16,000.

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Tories say a shift to multi-tied regime will help IFAs

The Conservatives say their decision to allow multi-ties will not weaken polarisation but simply recognise that some IFAs are already operating on a multi-tied basis.Conservative Shadow economic secretary Howard Flight, in a letter to Money Marketing, says the Tories are not setting up a new class of adviser.Overall, they believe the regulatory burden should be […]

PRODUCT MATTERS

With the relaunch of its existing personal pension plan, Skandia has cast itself as the IFAs&#39 champion. Cheerfully sticking two fingers up at the Government agenda,it has come up with a pension package which offers a real alternative.The charges have been tweaked at the edges, with the removal of the policy fee and the encashment […]

AMP says baby bond plans will help low earners

AMP says the Government’s plan for a baby bond will help families on middle to low incomes. The life office says it was involved in developing the bond alongside the Treasury and funded research for the Institute for Public Policy Research. It has been working with the IPPR and the Treasury to promote policies that […]

Selection box from ABN AMRO

ABN AMRO UK Select Opportunities Fund Type: Unit trust. Aim: Growth by investing in small, mid and large-cap UK companies. Minimum investment: Lump sum £1,000, monthly £50. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5 per cent, annual 1.5 per cent. .Commission: Initial 3 per cent, renewal 0.5 per cent. Tel: 0800 0922090. Colin […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]

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