The row between three Murray VCT boards and the leader of the action group against them has escalated after he admitted receiving backing from their sacked manager, Aberdeen.Shareholder Charles Clark says he was offered legal and advisory support after attacking Aberdeen over the 1.1m in severance fees it received when the VCTs moved to Close earlier this year. Clark felt shareholders were owed some of the money. Clark’s action group has been campaigning against the decision to switch managers since May, saying it was unnecessary and too expensive. Aberdeen manager Bill Nixon supported a merger of the trusts. The boards say they do now plan to merge the trusts to cut costs, with all but two directors stepping down. A statement from Murray says Clark’s investment in his campaign has exceeded the value of his 50,000 investment and questions his independence. Clark says he has more than 150,000 invested across all three trusts. Clark says: “I would like to confirm my independence and that I have no hidden agenda. As for the funding of the campaign, I have limited resources. I canvassed Aberdeen hard and believed they had an obligation to shareholders. I hold Close in high regard and have no agenda on returning the funds to Aberdeen, and Aberdeen knows this.”
The FSA has finally bowed to industry pressure by recommending sweeping changes to its enforcement procedures. The proposals, which come in the wake of the Legal & General endowment debacle and criticism of the FSA by Prime Minister Tony Blair, are designed to remove bias and a perceived lack of fairness in the FSA’s enforcement […]
Legal & General is introducing a deferred Sipp and doubling commission on regular-premium business as part of a relaunch of its individual pension suite. A single tiered charging and commission structure will be introduced across its range. In a bid to bring in more attractive individual pension business, the minimum regular contributions to get commission […]
The average size of buy-to-let portfolios rose from 4.9 to 5.7 properties in the second quarter of 2005, says the Association of Residential Letting Agents. Its quarterly survey, based on responses from 489 regulated agents and 322 investment landlords, finds that average annual rates of return have risen by 0.1 per cent to 11.28 per […]
New Star has confirmed Phil Wagstaffs appointment as managing director of its UK retail sales and marketing operation.Wagstaff will start in September and was most recently managing director of M&Gs UK retail business with 15bn under management. He will report to Mark Skinner, New Stars managing director of sales and marketing.
By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]
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Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]
National advice firm Foster Denovo has acquired employee benefits consultancy TEBC. The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight. Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing. Chief executive Roger Brosch […]