Director Robert McGrail, who has a 10 per cent stake in Heart of Midlothian Football Club, had set aside a compensation pot of an undisclosed sum to deal with claims.But liquidator KPMG says it appears this may not be enough to meet 688 claims that are being processed. More claims are expected to flood in as liquidator KPMG contacts clients of the Edinburgh firm. KPMG Scotland partner Brian Nimmo is liaising with the Financial Services Compensation Scheme and the FSA, which has already posted a warning on the consumer section of its website. MAC made a loss of around 200,000 in 2004 after almost 20 years in the mortgage business. It stopped selling new policies in 2002 and was only dealing with existing clients. McGrail is understood to own between 24 and 27 companies, the best known being First Mortgage, an independent mortgage advisory firm with seven outlets in Scotland. Nimmo says: “We are liaising with the FSCS to determine what protection may be available for existing and future claimants. Our job is to ensure this company is wound up efficiently and effectively while trying to realise maximum value for creditors.” The Mortgage Advisory Centre was unavailable for comment.
Keydatas secure income bond achieved sales of 4m within three days of launch last week – the highest uptake of any of its products. It invests in corporate protection insurance policies and aims to pay 7.5 per cent annual income over five years. It is designed to appeal to income investors who are put off […]
The European Union’s controversial markets in financial instruments directive could cause major confusion in the investment advice market and bog IFAs down in yet more costly regulation, warns Aifa deputy director general Fay Goddard.Aifa says IFAs holding client money, up to 10 per cent of IFAs, are expected to be hit by major changes when […]
Defunct companies Berry Birch & Noble Financial Services, David Aaron Partnership and RJ Temple lost most claims for precipice bond misselling, according to figures from the Financial Services Compensation Scheme.
Scottish Widows Investment Partnership
Swip Property Trust
A month after taking over the Artemis UK Select Fund, Ed Legget explains a (subtle) change in style; and gives his outlook for 2016.
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The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]
The FCA has fined an AIM-listed investment company £70,000 for failing to inform the market of inside information regarding the compulsory acquisition of one of its holdings. Biogas company Eggersmann Gruppe acquired Tejoori’s entire shareholding of Bekon on 10 August 2016 and informed the market the following day. However, that market update did not mention […]
At our recent Money Marketing In Focus conference, the FCA and Financial Services Compensation Scheme shared a stage to talk about the fallout from the freedoms and where we go from here. It is clear the advisers in the audience were focused on one in issue in particular: how unregulated investments are treated. FSCS chief […]