View more on these topics

‘Refinancing deal will be in place for full hearing’

Berkeley Berry Birch says it will complete refinancing before its full FSA hearing in February and denies it will dump any liabilities on the Financial Services Compensation Scheme.

BBB non-executive director Jonathan Hall says the capital deficit, currently 10.9m, will be met through investments from directors and senior managers and disposals of non-core businesses such as its general insurance arm.

Hall dismisses industry rumours that a deal is close to being reached that would see some of the firm’s liabilities transferred to the FSCS to make parts of the firm more attractive to buyers or ensure stability.

Prestbury chief executive Lee Birkett, who has expressed interest in buying parts of BBB, claims the only way forward is for some of the group’s liabilities to be transferred to the FSCS.

But Falcon Group chief executive Allen Rosengren considers it would be unfair for the industry to have to pick up the bill.

BBB referred the FSA’s decision to cancel the permissions of its three regulated busin-esses to the financial services and markets tribunal, leading to a full hearing in February.

Hall says: “I categorically deny that the FSCS will be part of our future plans, either through disposals or liability capping. By February, refinancing will be in place and we will be looking to regain our position despite comp- etitors trying to degrade our reputation.”

Recommended

Leading figures add their voices to campaign

IFA Kevin Evans says: “I totally support the campaign. An end must be brought to the sham of non-advice protection sales via supermarkets.” CBK principal Peter Chadborn says: “Unless advice is sought, a trend is set of a false sense of security.” Life Policies Direct managing director Jason King says: “We have no problem as […]

Rapid recovery from a disaster

The financial services industry would recover rapidly from a terrorist attack or a natural disaster, claims an FSA survey to a survey carried out by the FSA, the Bank of England and the Treasury.

Sipps that pass in the night

Chancellor Gordon Brown’s dramatic U-turn on property Sipps caught many by surprise despite the growing political and economic pressures on the Treasury to reassess the policy.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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 advice.

    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

    Email: customerservices@moneymarketing.com