PI broker Fabien Risk Serv- ices has gone into liquidation and is under investigation by the FSA.The firm, whose client list included IFAs and an as yet unnamed adviser network, collapsed earlier this month with debts of over 700,000. Begbies Traynor has been appointed as liquidator fol-lowing a meeting between creditors and shareholders on October 19. Money Marketing understands that the investigation will address allegations against Fabien chairman Shane Garvey and other senior members of staff made by former managing director Stephen Allen, who reported them to the Serious Fraud Office. Allen, who resigned from Fabien in September, claims that he was kept in the dark about the firm’s financial predicament and that the management figures given to him while he was at the company were “completely contradictory”. The liquidator is also following up concerns surrounding the acquisition of Fabien’s clients and assets for 1,000 by Garvey’s new Romford-based company, Winchgate Investments. Allen claims that all Fabien staff at its London and Bristol offices were contacted by telephone on pay day and advised that the company was closing down and they would receive no salary for the month. He refutes claims made by Garvey at the creditors meeting that a helpline was set up for customers of Fabien. Allen says: “My prime concern is the ongoing service needs of the policyholders.” Begbies Traynor spokesman Dominic Czerwinke says: “It is too early to draw any conclusions but we will work hand in hand with the FSA and produce our report within the next six months.” Garvey was unavailable for comment.
Hamptons International Mortgages has finally signed on the dotted line with Towry Law, securing an exclusive two-year introducer agreement. Hamptons will be taking on the Towry Law mortgage services staff in mid-November. The deal is estimated to be worth around 200m a year in fresh loan volume. Towry Law currently has around 150 IFAs.Hamptons managing […]
MFS International UK
MFS Meridian US Government Bond Fund
Portfolio manager Brewin Dolphin claims one-third of people in the UK have already invested in self-invested personal pensions or are considering doing so. However, its research also reveals that over half of people are still oblivious to the existence of Sipps. Brewin Dolphin says its study reinforces market predictions that Sipps, once the preserve of […]
Section 32 Plan
Last Wednesday was International Youth Day: a UNESCO (United Nations Educational, Scientific and Cultural Organisation) initiative that began in 1999.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]