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Over a million review requests

Phase two of the pension review as at March 2001 showed that of the

1,220,984 requests for review, 1,066,552 were against product providers

compared with 97,977 against networks and big IFAs and 56,435 against small

IFAs. Claims found to have reviewable cases were split 782,651 against

product providers compared with 782,651 against networks and big IFAs and

41,176 against small IFAs. But although product providers have processed

50.5 per cent of cases, networks and big IFAs have processed 62.5 per cent

while small IFAs have only processed 43.5 per cent.

Product providers have agreed redress of £2.4bn compared with

£273m for networks and big IFAs and £65m for small IFAs of a

total redress accepted to date of £2.7bn.


FIS appoints retail client services director

Friends Ivory & Sime is appointing Cheryl Robertson as retail client services director following its acquisition of Friends Provident&#39s retail investment business.Robertson will be responsible for directing and managing FIS&#39s retail fund client administration and support functions.FIS managing director, retail and institutional business Gary Mairs says: “Cheryl&#39s appointment continues our commitment to developing a strong […]

Review reports to be quarterly as small firms flag

IFA firms will have to make quarterly progress reports in the pensionreview bec-ause small advisers are having difficulty sticking to thetimetable. The announcement was made in the FSA&#39s annual report addressing concernsraised by the Financial Services Consumer Panel about IFAs&#39 progress onphase two. Small IFA firms represent only 5 per cent or 4,500 of the […]

Halifax and BoS decision delayed for three weeks

Halifax and the Bank of Scotland will have to wait another three weeks until they learn if they will be allowed to merge.The Office of Fair Trading has announced it will delay its decision about whether the two banks will be allowed to join for three more weeks. It had been expected to make a […]

Sandler adds fuel to review worries

Ron Sandler, the head of the Treasury investigation into the retailinvestments, has stoked IFA fears about his review by claiming distributionhas an inbuilt ambiguity. In an interview in the Sun-day Times, Sandler said there is prima facieevidence that unit trust charges are high and acknowledged the high levelof concern about with-profits. His comments suggest that […]


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