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Schroders increases stake in troubled Provident

Schroders has increased its stake in a troubled sub-prime lender Provident Financial. The asset manager has upped its holdings in the company from 12.4 per cent to 13.7 per cent, according to a stock market update earlier this week. Yesterday, a further update suggested that Schroders’ total holdings of ordinary shares in the company had […]

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Aviva appoints new chief executive

Aviva has named its new full time chief executive six months after Mark Wilson announced he would be stepping down from the role. Maurice Tulloch, who has been with the firm since 1992 and currently overseas Aviva’s international insurance business, will step into Wilson’s shoes as chief executive of the parent company. Chairman Adrian Montague […]

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FCA urges IFAs to check PI cover in wake of DB transfer scandal

The FCA says all regulated advisers should keep their professional indemnity insurance providers informed of any claims made against them. In an update published today, the watchdog reiterates the message firms are responsible for ensuring they adhere to the terms of their indemnity agreement in its latest briefing on the British Steel Pension Scheme saga. The […]

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  1. I think they probably will survive but should be subject to much more stringent criteria (laid down by the regulator) in terms of those for whom a SIPP is actually suitable. For most people, they very probably aren’t and, apart from the few people who wish to buy and own a commercial property through one, should be restricted to demonstrably experienced and sophisticated investors. Again, as an example, I refer to the list of investments permitted via James Hay’s SIPP. PIB’s, TEPs, Gold Bullion, Contracts for Difference, Genuinely Diverse Commercial Vehicles, Quoted Debentures and Loan Stocks, etc? How many of those are likely to be remotely suitable for the vast majority of investors? I’ve never had any clients for whom the suitability of such investment instruments would be even worth considering and I imagine that attempting to provide advice on such things or even recommending a SIPP that would make them accessible to clients would probably have a dire impact on a firm’s PII premiums and claims excesses.

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