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Pearson Jones makes £2.2m pension redress provision

Skipton Building Society-owned IFA firm Pearson Jones has set aside £2.2m for possible redress over pension sales relating to a firm it merged with in 2010.

The firm’s accounts reveal Pearson Jones is conducting a review into the pension selling of Parnell Fisher, which merged with Pearson in October 2010.

The provision means the firm reported a pre-tax loss of £768,000 for 2011, compared to a £1m profit in 2010.

The firm says: “Pearson Jones is currently undertaking a review of the pensions selling activities of Parnell Fisher Child & Co in the period before its transfer into Pearson Jones in October 2010.

“Initial enquiries have identified documentation issues in a number of cases and this may result in some amounts being paid by Pearson Jones. The provision represents management’s best estimate of the net redress expenditure to be incurred in respect of the review.”


Labour: EU state aid rules do not apply to Nest

Labour says EU state aid rules no longer apply to Nest and is urging the Government-backed scheme’s independent trustees to seek legal advice on removing its restrictions before 2017. In March, the work and pensions select committee published a report calling for Nest’s contribution cap and the ban on transfers in and out of the […]


Backing for HMRC move to stop BTL tax dodgers

Buy-to-let specialists have backed HM Revenue & Customs’ move to stamp out tax evasion on rented properties. HMRC has launched a specialist taskforce to target evasion in the sector. The taskforce covers East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland and is expected to recover more than £17m. The team will visit […]

Global markets rally on news of Spanish bailout

Global markets have rallied on news that the Spanish Government is to receive a bailout from Europe to help it refinance its struggling banking sector. Overnight in Asia the Nikkei 225 finished up 1.96 per cent at 8,624.9 while the Shanghai Composite Index was up 0.93 per cent at 2,302.64. This morning the FTSE 100 […]


IMA: FSA’s governance of MAS must be improved

The Investment Management Association says the FSA needs to improve its governance of the Money Advice Service and that financial services firms should be involved in holding it to account because they provide its funding. The IMA’s response to the Treasury select sub-committee’s inquiry into the service says the regulator’s “weak” governance to date could […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.


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