View more on these topics

Police probe Lincoln tied-agent salesmen

Lincoln is paying about £500,000 in compensation to clients of a tied agent.

The case is now the subject of a Metropolitan Police investigation.

The move is part of a year-long inquiry by Lincoln into its tied agent City Financial Partners, which has led to a police investigation into three salesmen.

Lincoln is paying compensation to clients of CFP consultant Jerry Robertson who was suspended last February. He was interviewed by the Metropolitan Police on December 10 but has not been charged.

It is understood that Rob- ertson was placing clients&#39 cash into a Fidelity account held in his own name. Fidelity spokesman Paul Kafka says: "We are co-operating with the police in the furtherance of their enquiries."

Lincoln says two other sales consultants have been suspended following its investigations. These are David Noyes, who was suspended last week pending an inquiry, and Anthony Molderhill, who was dismissed a year ago.

Lincoln is expected to buy CFP, which has a self-employed salesforce of 700, in the near future. But the life office refuses to comment on whether this is an attempt to take firmer control of the tied agent and clamp down on compliance problems.

Marketing communications manager Ian Crowder says: "We have completely revised our auditing procedures to ensure that nothing like this ever happens again." Crowder refuses to comment on how many clients are involved. He claims that no other CFP agents are facing suspension and that Lincoln has learnt from its mistakes. He says: "There are bad apples in any bunch."

The life office says it has kept the PIA informed of its investigation but it is thought that the PIA is working on its own probe into CFP. Crowder says: "Investigations are ongoing and we have an ongoing relationship with the PIA."

City Financial Partners

Lincoln&#39s biggest tied agent with 700 salespeople.

Lincoln, which has a direct salesforce of 1,000, refuses to reveal CFP&#39s sales figures but admits it is an "important percentage of total sales".

Salesforce self-employed and work mostly by cold-calling.

CFP became tied when Lincoln bought Citibank Life in 1993.

CFP has eight offices across the UK, including three in London, under managing director Simon Ingram.


PSO puts pinch on loanback advisers

The Pension Schemes Office is to clamp down on IFAs operating in the insured loanback market after accusing them of abusing the facility. Loanbacks allow clients to take out a loan from their pension policy, provided it is repaid before retirement. The PSO announced a review of its guidelines in November after it raised fears […]

Manek progression

After Jayesh Manek&#39s success in the fantasy fund league, he has set up Manek Investment Management and is testing the water in the unit-trust market with the Manek growth fund. Divers says: “There are currently 162 UK equity growth funds, so one might well ask why we need another. The top fund produces over 36.9 […]

Currie hedges Japan funds

Martin Currie is hedging its exposure to Japanese investments because of fears of further deterioration in the Asian economies. The move comes as Imro warns that fund managers may not be making inves tors sufficiently aware of the increased volatility of Asian funds. Imro also highlights the need for firms to maintain liquidity levels and […]

Liddell backs review aid for small brokers

Treasury economic secretary Helen Liddell has backed ABI plans to provide loans and practical help for small IFAs to complete the pension review. Liddell, announcing the March name-and-shame list last week, which sees DBS rooted to the bottom of the table, demanded that firms should work together to complete the review. The ABI is currently […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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 thought leadership.

    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