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New Arch cru levy looming

Advisers face another FSCS bill for £38.3m to cover the cost of compensating CF Arch cru investors.

The news comes weeks after investment intermediaries were invoiced for their share of the £60m interim levy for 2011/12, which came on top of an annual £34m levy. For 2012/13, the FSCS had estimated an annual levy for investment intermediaries of £33m to cover claims relating to Keydata, Wills and Co and Arch cru.

But having sought external advice on the value of the Arch cru funds and deciding how to compensate claims against advisers that are no longer trading, the FSCS says compensation costs for Arch cru will be higher than originally expected. The levy will fall on life and pensions and investment advisers.

The FSCS says it will make interim payments to investors now, with top-up payments where necessary when the funds have been wound down, which is likely to be in 2015.


L&C launches cautious income fund

Discretionary fund manager London & Capital has launched an income portfolio that has a cautious risk profile. The London & Capital cautious income portfolio is L&C’s third income portfolio and completes the range, which now spans the risk spectrum. It was designed in response to adviser demand for a more cautious strategy than the existing […]


Sipp firms put bio-fuel responsibility on IFAs

Sipp providers with clients exposed to a failed bio-fuel investment project have defended their due-diligence processes and say responsibility for investment suitability lies with the adviser. Last week, Money Marketing revealed a total of 1,500 people, mostly Sipp investors, are facing losses of up to £32m after Sustainable Agroenergy, Sustainable Wealth Investments and Sustainable Growth […]


John Lawson: Pension planning can learn from rise of twitter

I went to a breakfast event recently where three of Scotland’s leading business journalists were speaking. They were talking about where business news breaks first. To my astonishment, and bearing in mind that these guys are very seasoned hacks, all three agreed it was Twitter. The first tweet was only sent six years ago and […]

MM Profile: George Higginson

Sesame Bankhall’s chief executive officer has a reputation for delivering big changes and he is developing a series of ambitious solutions to cater for independent and restricted advisers Interview by Rachael Adams


Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Boy am I glad I’m no longer subject to this “unfair justice”.

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