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Lawyer backs time limit

Law firm Reynolds Porter Chamberlain says time bars on endowment misselling claims are necessary to balance the rights of companies and consumers.

The Consumers&#39 Association recently launched an attack on financial firms and the FSA for allowing claims for compensation to be time-barred 15 years after the alleged misselling.

But speaking at RPC&#39s annual financial services seminar in London last week, solicitor Mark Sutton said firms should be entitled to protection such as that provided by the statute of limitations. He said it was ineq- uitable to expect companies to defend against claims launched against them long after all records have been destroyed and the people involved may have retired.

Sutton&#39s comments follow FSA chairman Callum McCarthy revealing that 13 out of 20 product providers have pledged to use the time bar. He told the Treasury select committee last week that few IFAs have waived their right.

Sutton said he believed that time bars may be protected under article 6 of the European Convention on Human Rights, which states that everyone is entitled to a fair and public hearing within a reasonable period of time.

Sutton said: “A time bar is needed and companies should not be attacked for using this legitimate defence.

“It is just inequitable to expect companies to defend against claims launched against them long after all records have been destroyed, the original staff retired and the entire incident has passed beyond human recall.”


Stop the moaning about stakeholder

I am frankly fed up listening to the same old motley crew of negative, whinging product providers and IFAs knocking Sandler and the simplification of stakeholder products. They are like fat cats guarding their own pots of extra double cream. Unless they have something positive to contribute, they should keep quiet. No one – least […]

Bankhall says only two networks have scale for multi-ties

Bankhall has laid down a challenge to rival networks, claiming that only itself and Sesame have the scale to build a workable multi-tie proposition. Business development director Peter Mann believes there are very few players apart from Bankhall and Sesame able to build an operable multi-tie, underlining the difference between a true multi-tie, which has […]

Standard cuts commission for pensions

Standard Life is scaling back commission on its group and executive personal pensions, stakeholder and small self-administered schemes. It is removing guaranteed commission on group personal pension flex and stakeholder for schemes of fewer than 20 lives averaging less than £100 a month member average premiums. The company says GPP schemes of fewer than 20 […]

INSIDE EDGE: Peter Hales

At last, the Treasury has ann-ounced the outcome of the price cap for the Sandler suite of stakeholder products and the FSA has issued a consultation on a basic advice regime. There has been a wide range of responses from prov-iders as companies look at how the decisions will affect their business models. From a […]

Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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