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Owen gives up hope on Lautro 19

Former IFA Defence Union chief Evan Owen says hope of naming and shaming the so-called Lautro 19 is now “dead and buried”.

He has received clarification from the Information Commissioner’s office that the High Court has ruled that the information falls under absolute exemption rules under the Freedom of Information Act and does not have to be disclosed.

The case stems from a FoI request by the IFADU in January 2005. The Information Commission ruled in August 2007 that the FSA had to name the mortgage endowment providers which misused Lautro projections in setting premiums, meaning clients were given unrealistically high maturity figures. Advisers claim the projections led to misselling payouts for shortfalls that were exaggerated or non-existent.

The FSA appealed against the decision but in October 2008 the Information Tribunal rejected the regulator’s argument that the IC had no right to order the publication of the names of busin- esses involved.

The FSA launched a High Court appeal which was heard in April. Owen says the only way this can now be revisited is if there is a public outcry. He says: “This is not about protecting the life offices but protecting the FSA. Why should IFAs have to suffer the misselling costs of policies where the Lautro projections were mispriced by the provider?”


Equity-release lending down 40%

Key Retirement Solutions has revealed that new equity-release lending was down by more than 40 per cent in the second half of 2009. In its latest report, the brokerage found the overall value of new lending fell to 189m from 319m in 2008.


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

  1. Misrepresentation all round
    The ICO appears to have embelished upon my original request and Mr Flint drove a coach and horses through their case. It has taken so long to get this far that IFAs are now unable to claim third party contributions under the two year rule. All very clever stuff isn’t it? Well now we should instead be asking where all the with profit ‘surpluses’ have gone. Any ideas Mr Sants?

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