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MLP chief sacked in row over reports leaked to media

The man heading German IFA giant MLP&#39s exp-ansion into the UK has been sacked following rep-orts that he had passed on sensitive information to the media.

MLP divisional board member in charge of international activities Dorian Simon was dismissed last Thursday. One report said the company had found evidence of Simon passing documents on his computer&#39s hard drive to the German press but German magazine Der Spiegel quoted Simon denying these allegations.

Director of life insurance Gerhard Frieg takes over Simon&#39s role as director of international activities, a post which has overseen the UK operation&#39s expansion to 40 RIs in its London offices.

MLP is a household name in Germany, where it is listed on the DAX 30 index with a market capital of £917m and around 2,000 advisers in 220 branches across Europe.

Recent speculation over accounting practices has seen its share price fall to £9.40 a share from £46 last April.

Head of communications Michael Pfister says: “We cannot comment on details but we have enough reasons for taking such a decision. When companies make such decisions to fire top managers, there are usually enough reasons. This will not affect our plans to exp-and in the UK.”


Franklin Templeton receives five new fund ratings

Franklin Templeton has had five funds awarded fund management ratings from Standard & Poor&#39s and seen its mutual beacon fund have its &#39A&#39 rating reconfirmed.The Franklin global small mid-cap growth fund, mutual shares II fund and Templeton EuroMarket fund have all been awarded an &#39A&#39 rating while the Templeton growth fund and Franklin US equity […]

Northern Rock is adding three fixed-rate bonds

Northern Rock has introduced three fixed-rate bonds and a combined fixed-rate and equity-linked tracker product linked to the FTSE 100.The fixed-rate bonds have the option to guarantee returns for one, two or three years on a minimum opening balance of £500. Additional deposits can be made up to a maximum of £2m.The one-year bond has […]

Standard Life deserves credit

Is it not about time that the rest of the market adopted the approach of Standard Life over market value adjusters?Sensibly, they have realised that there is not a mass of people trying to cash in their investments – those who do mostly have reasons other than falling markets for doing so – and have […]

Property price rises plummet

UK house price rises have fallen sharply, with an increase of just 0.2 per cent in August after a 1.9 per cent rise in July and 2.4 per cent in June, according to Halifax.Its monthly house price index shows the annual rate of price growth has fallen to 18.8 per cent from 20.8 per cent […]


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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