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Parliamentary ombudsman to investigate FSA over Equitable

The parliamentary ombudsman is to investigate the role of the FSA in managing the Equitable Life debacle, in a move that could see policyholders receiving state compensation.

Parliamentary ombudsman Michael Buckley has written to MPs telling them he will conduct an investigation into the actions of the FSA between January 1, 1999 and December 8, 2000. He has reversed a previous decision where he had said he would not investigate the FSA until after the conclusion of the enquiry by Lord Penrose.


Film firms want to reel in IFAs

Film finance companies are urging IFAs to wake up to the tax advantages of film investment schemes as private investor interest grows.The schemes, introduced by the Government in 1997 to stimulate investment in British cinema, offer high-net-worth clients substantial tax advantages but have not had a high profile among IFAs.One film finance firm, Future Film […]

Pru fined £650,000 for pensions review failures

Prudential has been fined £650,000 by the PIA for failures in its pensions review procedures.Pru was criticised for delays in paying redress to policyholders who had retired and beneficiaries of those who have died. Some policyholders were waiting more than six months for cases to be reviewed. Its records also came under fire, with Pru […]

Boots pension switch “a wake up call”

Boots is selling all equities invested in its pension fund and reinvesting in bonds in response to the longevity of its workforce and concerns over the volatility of equity returns.Industry experts expect more pension funds to follow suit.Towers Perrin director Mark Duke says: “There are many other companies and pension plans facing far greater risks […]

Close Property invests in Fareham

Close Property Investment Fareham Innovation Fund Type: Unit trust. Aim: Income by investing in a commercial property. Minimum investment: Lump sum £10,000. Investment split: 100 per cent Fareham Innovation Centre. Yield: 11 per cent. Isa link: No. Pep transfers: No. Charges: Initial 7.25 per cent, annual 1.25 per cent. Commission: Initial 3 per cent. Tel: […]


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