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More time for complaints

IFAs are claiming the FSA&#39s move to extend the endowment complaint deadline is a reaction to the Consumers&#39 Association&#39s attack last week.

The FSA says consumers will now not be “held out of time” until six months after a second red letter is received, if that is longer than the original three-year period.

Insurance Portfolio Consultancy principal Brian Lentz says: “Just because the Consumers&#39 Association have complained to the Treasury about the FSA&#39s lack of action over endowments, it does not follow that we should be punished by the FSA by redefining the timeframe for end- owment misselling.”


Pople quits as Abbey National MD retail banking

Abbey National managing director, retail banking Andrew Pople has quit his role as head of retail banking. This takes effect from December 13. The bank says that until the new organisational structure is finalised deputy managing director retail banking John Berry will assume his responsibilities. Pople, who is chairman of the Council of Mortgage Lenders, […]

FSA tells PI insurers not to rule out IFAs with split caps

The FSA says professional indemnity insurers should not refuse to cover IFAs simply because they have exposure to split-cap investment trusts.Head of investment firms David Kenmir said the FSA is telling insurers they should not rule out covering firms just because of the type of business they have on their books.He told Money Marketing last […]

Cofunds gets a new shareholder and reaches fund pact

Fund supermarket Cofunds has bolstered its depleted coffers by signing up retail fund administrator International Financial Data Services as its fifth shareholder.The move comes as Cofunds&#39 backers – M&G, Jupiter, Gartmore and Thread- needle – have concluded months of wrangling by striking a deal with FundsNetwork parent Fidelity which ensures the funds of each company […]

Gartmore cautious fund will be run by new chief

Gartmore is to offer a cautious managed fund in January run by new UK head of equity income Chris Burvill, who joins the group this week from Investec Asset Management.The fund, a sub-fund of the Gartmore investment series II Oeic, will aim to provide income of 4.5-5 per cent a year with long-term capital growth […]


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