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Norwich & Peterborough seeks court review of watchdog&#39s Tessa decision

Norwich & Peterborough Building Society is seeking a High Court review of the Building Societies Ombud-sman&#39s decision that it discriminated against a Tessa investor by paying higher interest on its mini cash Isas.

The ombudsman made the decision after a complaint that the society paid higher interest on the Isa than the Tessa between April 1999 and September 2000. It found in favour of the saver and recommended the society should pay compensation.

But the society believes there are strong grounds for a judicial review based on the banking code which governs the way building societies conduct their business.

Chief executive Matthew Bullock says: “We feel strongly that we have treated all our Tessa investors fairly. We have decided to seek a High Court review after lengthy correspondence with the ombudsman because we believe its decision to be wrong and unfair. Isas are different from and did not replace Tessas. If the court agrees with the ombudsman&#39s view, however, then as a matter of fairness we have decided we will pay compensation to all our qualifying Tessa investors, at a cost of £1.3m.”


Forsyth Partners – Forsyth Global Bond Fund

Tuesday, 8 January 2002. Type: Fund of funds. Aim Growth by investing in corporate and high yield debt, sovereign debt, emerging market debt, other bonds. Minimum investment: $10,000. Place of registration: Dublin. Investment split: Corporate and high yield debt 45 per cent, sovereign debt 25 per cent, emerging market debt 25 per cent, other bonds […]

Talkback – Is the UK the place to invest this Isa season?

Is the UK the place to invest this Isa season?“If appropriate for the client, then, yes, I would say so.” Steve Davis, Prince and King Financial Services “It is part of our investment strategy but not our sole strategy. However, we would always spread an Isa investment further than just the UK.” Neal Greenslade, Investment […]

Individual stakeholder sales hit record for November

November saw the highest number of individual stakeholder pensions sales so far but a severe decline in the number of employer-designated sch-emes, according to the latest ABI figures.Individuals set up 78,197 plans during the month, up from 72,800 in October.Total individual sales now top 567,728 since stakeholder was launched last April.As expected, group plans have […]

Lombard International plans to ease IHT burden

Lombard International Assurance is offering a trust plan aimed at inheritance tax mitigation by allowing investors to benefit from a gift donation and to receive income.The wealth preservation trust is designed to help reduce or eliminate IHT liabilities by discounting capital.The trust allows the investor to make a gift of capital for IHT purposes. In […]

Trusts and Taxations

Take a look at the trusts and trustee taxation video – The definition and classification of trusts. Once you’ve viewed the boxset, visit our Test Centre to test your learning and get your CPD certificate. View here


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