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PIAOB will not pursue Burns case

Burns Anderson breathed a sigh of relief this week as the PIA Ombudsman Bureau ruled it will not investigate a £5m compensation claim against the network.

About 200 investors in a failed Spanish property scheme, sold by former Burns Anderson member Steed Financial Planning, are seeking redress.

But PIA Ombudsman Tony Holland ruled that he could not investigate the claim since the property scheme does not fall within the scope of the Financial Services Act. If Holland had backed the claim, the 220-member network could have been liable for any compensation awards made by the ombudsman against Steed Financial Planning. Steed collapsed two years ago.

Shoosmiths & Harrison solicitor Andrew Pickin, representing the investors, has always claimed they had a clear-cut case. He declines to comment on the ruling until he has met with investors this week. Pickin refuses to rule out possible further legal action.

Burns Anderson chief executive Philip Whitehead says: "We feel vindicated. Our view on the matter has not changed. The next stage, if any, lies with them."


Business rises by 50% at Clinicare

Private medical insurer Clinicare saw the number of people covered by its schemes rise by 50 per cent last year compared with what it claims is an average industry growth of 5 per cent. General manager Les Curson says Clinicare has increased the number of people it insures by about 50 per cent in each […]

No gain without pain for Japanese market

As the Japanese government launches another rescue package to help revive its ailing economy, UK managers of Japanese funds remain sceptical that there will be an upturn in the market in the short term. Despite some strong spikes in the Nikkei index recently, many analysts believe the Japanese market will not show long-term growth before […]

CII offers extra sittings for G60 paper

The Chartered Insurance Institute is to provide two additional sittings for people taking the G60 pensions paper of the Advanced FPC. The extra sittings will be held on July 17, 1998, and January 22, 1999 in addition to the scheduled sessions on April 22 and October 21, 1998. From March 31, 1999, the PIA will […]

Luxemburg offices fight Chancellor on confidentiality

Luxemburg-based life offices claim that Chancellor Gordon Brown is asking them to break the law in his clampdown on offshore tax loopholes. The Government wants Luxemburg offices to detail chargeable events made by UK residents. But this would breach Luxemburg laws of confidentiality which state that financial details should not be released to a third […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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