View more on these topics

Peter Young is found unfit to face fraud trial

Former Morgan Grenfell fund manager Peter Young, accu sed of committing a £220m fraud in 1996, was found unfit to stand trial at a Southwark Crown Court hearing last week.

The two-week hearing heard that Young, who now dresses as a woman and prefers to be called Beth, has attempted to castrate himself several times over the past few years.

The most recent incident in August nearly led to his death from a severe infection.

A trial to establish whether Young committed fraud is being held this week, after which the court would be allowed to order medical treatment if he is found culpable. A further trial to establish the facts of the case will be held at the Old Bailey next year but no verdict of guilty or innocent will be made.

The criminal trial of two others embroiled in the case – former stockbroker Eric Lana gaker and former Morgan Grenfell fund manager Stew art Armer – will go ahead as planned next autumn.

Young, 42, first came under suspicion four years ago after an investigation by the Serious Fraud Office into dealings within the European and European growth funds which he managed. It was revealed that he had been breaching Imro regulations by investing as much as a third of the funds into unlisted global companies.

He is also alleged to have used dividends from shares within the funds to pay for a £450,000 home in Amersham, Buckinghamshire.


Futureproof management charges set

Clerical Medical has unveiled a standard 1 per cent annual management charge across its new Futureproof range of individual pension plans. From the new year, the range will offer a 1 per cent charge on pre-stakeholderstyle personal pensions, free-standing additional voluntary contributions and executive pension plans. The move responds to market forces bringing all pre-retirement […]

ABI defends with-profits at calls to control market

The ABI and major life off ices are hitting back at calls to curb the multi-billion-pound with-profits market following the Equi table Life debacle. The move follows nat-ional press criticism and comments by FSA chairman Howard Davies on the dec reasing appropriateness of the products for many consumers. With-profits have taken a drubbing since Equitable […]

Moore&#39s code

No one can deny the situation at Equitable Life is the most appalling mess. In an industry which has made its fair share of stupid mistakes in recent years, I invite the directors of Equitable to take a bow. I have been hearing for a number of years from a number of people how they […]

A churn for the worst

Christmas 2005. It has taken a while to get round to thanking rea ders for their good wishes on my retirement. Is it really seven years since the Green Paper on welfare ref orm – the one that introdu ced the idea of stakeholder? At the time, some of us rem ar ked that much […]

Rise of the machines

Head of Sustainable Investing at Royal London Asset Management, Mike Fox, looks at the case for including artificial intelligence within a sustainable investment strategy. Read the article in full here The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm