A former IFA who set up a claim management firm says the FSA is failing to spot phoenixing after he received a wave of endowment complaints against phoenix firms last year.DTB Investments managing director Derek Baillie says his firm’s experience suggests that phoenixing is much more widespread than thought. He says 90 per cent of endowment complaints relate to policies sold by banks and building societies, not advisers. But, of the complaints received about advisers, he says around 100 complaints came from between five to 10 phoenix adviser firms. Last year, the FSA vowed to take a tougher stance against phoenix firms. In June, it revealed that it was monitoring over 150 transfers of assets a month in its fight against phoenixing. The FSA said it had successfully thwarted 12 attempts at phoenixing in the first half of last year but is remaining tight-lipped about its progress since then. But Baillie says: “Phoenixing is taking place under the FSA’s noses. It is a lot more widespread than people think. Honest advisers have a right to be very annoyed.” Jamieson Financial Management principal Bruce Jamieson says: “I would like to see the FSA take a much tougher stance against phoenixing and see some action. We are coming across these firms all the time.”
The global financial services industry is predicted to grow at three times the rate of the world economy next year. A report by consultant Mercer Oliver Wyman says the industry is set to outpace the global economy for a third consecutive year. After growing by 15 per cent in 2005, the firm forecasts market value […]
Investec Private Bank has launched an enhanced income product offering 4.25 per cent a year or more if the UK stock-market performs well. The Investec Income Deposit offers a minimum return of up to 8.5 per cent over two years with capital protection. It the Ftse 100 grows by 13 per cent in year one […]
Insight Investment has appointed Paul Dellar as head of product development.
As Money Marketing uncovers another raft of claims manage-ment firms excesses this week, the debate is raging about who should regulate them.
The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]
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The New Model Business Academy received just over half the Government funding for its apprenticeship programme it was hoping for, which has led to paraplanner and administrator apprenticeships being shelved. NMBA, which is part of the SimplyBiz Group, announced earlier today it is opening applications for its apprenticeship programme this week. In December, it received […]
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