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Lloyds TSB hit with £2m misselling fine

Lloyds TSB has been hit by the FSA with a £1.9m fine for the
misselling of structured products and told to set aside a further £98m
for expected compensation payments to investors over 22,500 sales
of the product.

The fine, which had been widely expected, comes the same week as
the Group replaced Scottish Widows chief executive Mike Ross with
Lloyds man Archie Kane.

The disciplinary action stems from the sales of a high income
equity-linked bond, the Extra Income and Growth Plan, through the
Lloyds branch network in four tranches between October 2000 and
July 2001.

It marks the first time the FSA has fined a provider over structured
products, it is believed however that it is currently investigating other
high street banks over their sales practices.

FSA director of enforcement Andrew Procter says: “Firms must
ensure that the products they recommend are suitable for an
investor&#39s individual circumstances and that any potentially
unsuitable sales are identified. The procedure and controls to
achieve this need to be especially rigorous where medium or high
risk products are being offered to inexperienced investors.”


Artemis opens ethical door

Artemis has made the funds of funds within its Artemis Premier Funds Service available directly to IFAs due to increased demand for multi-manager products. One of the funds, multi-manager ethical, is aimed at investors who do not want to compromise their strong ethical views while investing. Its objective is capital growth by investing in ethical […]

UCB Home Loans – Self Cert – Flexible 3 Year Fixed

Fixed term: Three years Fixed rate: 5.09% Minimum loan: £25,001 Maximum loan: Up to 85% of valuation subject to a maximum of £350,000, up to 75% of valuation subject to a maximum of £500,000, up to 65% of valuation subject to a maximum of £750,000 Income multiples: Up to 3.25 times principal income plus second […]

A place in the funds

Overseas property is proving more popular than ever with UK buyers but there can be funding flow problems.Many advisers have had reservations about recommending their clients to use a bridging facility to fund the purchase of an overseas property. However, bridge finance or short-term funding is probably the most underused form of financing and can […]

Opening up the annuity market

UK savers may be about to gain access to a plan that will allow them to derive an annuity-style income and also leave some of their savings to their children if they die early.A Gibraltar-based scheme has been in existence for more than a year but it has only been available to the wealthy and […]


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