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Lincoln to probe more CFP sales

Lincoln Financial Group is reviewing the cases of 26,000 investors who were sold products by its former tied sales- force City Financial Partnerships to estimate the extent of any misselling.

An initial review in 2001 of 5,000 customers advised by CFP Ltd between 1993 and 1994 revealed that one in 10 were missold products. Lin-coln has now sent out letters to all 26,000 customers to gauge whether they were also misselling victims.

Around 1,000 customers have responded to the letters sent out in the last two weeks and the same one in 10 ratio has emerged. Lincoln says it expects this ratio throughout the rest of the review. The products under review are the maximum investment plan and the maximum savings plan, two Lincoln savings vehicles sold primarily through CFPL.

It expects the process to be completed by the end of the year and has pledged to pay out any redress to customers who were missold products between 1993 and 2000, when CFPL was closed down.

The bulk of the CFPL salesforce subsequently joined Allied Dunbar and Inter-Alliance, with smaller num-bers joining Lighthouse and J Rothschild Assurance.

Lincoln says the FSA is aware of its efforts but the regulator would not comment.

Lincoln public relations executive Michelle Burgess says: “Because of complaints we received, we took it upon ourselves to review an initial sample of 5,000 cases.

“Based on those findings, we decided to review the entire population of cases sold by CFPL.”


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