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PPI firm Picture Financial Services declared in default

The FSA has declared Picture Financial Services in default and the Financial Services Compensation Scheme is currently handling more than 600 claims against the firm.

Picture Financial Services specialised in selling payment protection insurance for mortgages and was declared in default in July.

The FSCS says it hope to make the first payments this month and is aiming to complete claims within six months.


£200M loans for regulator

The FSA has had to tap into £200m worth of credit facilities with Lloyds and HSBC to cover a funding deficit for 2008/09.This is the first time the FSA has made use of the £100m credit agreement it has with Lloyds which was set up before to the credit crunch.The regulator has also secured an […]

Godley joining Morgan Stanley

Morgan Stanley has appointed former Quantum Asset Management head of distribution Neville Godley as vice-president of its retail structured products distribution team.


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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