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Law firm questions FSAVC levy

Armstrong Neal Financial Sol-icitors is questioning the legality of the

extra charges for the FSAVC review levied by networks on their members.

The review is likely to cost networks millions, some of which will be

passed on to mem-bers. Under many networks&#39 contracts, members are

protected against costs incurred if those costs are classified as damages

but the law firm fears some networks could classify the review as a Vatable

service, with members footing the bill.

ANFS says if a network classes review charges as “damages”, these would be

covered by standard indemnity clauses but if the network classifies the

review as related to a service which is Vatable, members would have to pay.

Partner Gareth Fatchett says: “The likelihood of a challenge is high as

many contracts protect against damages. They do not provide for services

which are then recharged, meaning the lawfulness of the FSAVC charges is


But IFA Professional Services chief executive and director of M&E holding

company Tenet Group Geoffrey Clarkson says: “The VAT issue is a bit of a

red herring. In the same way as pension review charges, the issue is

contractual and allows for event-specific charges.”


Deloitte & Touche recruits four from PricewaterhouseCoopers

Deloitte & Touche is recruiting four PricewaterhouseCoopers partners specialising in corporate recovery to its financial advisory services unit. Aidan Birkett, Gerry Loftus, Stephen Knight and Andrew Grimstone all join the firm.Deloitte & Touche financial advisory services unit head Ian Jamieson says: “This is an important addition to our rapidly growing financial advisory business. Reorganisation services […]

Aifa and IFAP set up joint firm

Aifa and IFA Promotion are setting up a joint company to create a combinedstrategy for promoting independent advice, ending months of speculation ofthe two organisations merging. In a letter obtained by Money Marketing, IFAP tells its sponsors thatplans for a merger fell apart because Aifa wants to be independent fromproduct providers. Instead, a new jointly […]

Tories pledge NI rebate to fund private pension

A Conservative Government would allow younger workers to opt out ofNational Insurance to fund pensions privately. In the manifesto, Time for Common Sense, the Tories also promise to endcompulsory annuity purchase at 75. The pension proposals would allow people under 30 to rebate their NIcontributions into a personal pension or stakeholder. The manifesto also contains […]

The attraction of opposites

Scottish Mutual has introduced, a unit-linked bond thatallows investments to be split between a with-profits fund and a technologyfund. The technology fund focuses mainly on tech stocks in North America and caninclude biotechnology, telecomms and media stocks. The annual bonus ratefor the with-profits fund is currently 5.25 per cent. Investors can takeregular income and […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


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