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Review of 2004: FSCS

What was the biggest headache for IFAs in 2004? With professional indemnity premiums dropping, it has to have been the unprecedented rise in FSCS costs which soared by up to 1,000 per cent for some advisers.

Pleas for lenience from the regulator and the possibility of payment by instalments were rejected and this, coupled with a drop in the subsidy by prov-iders, proved a nightmare for many IFAs.

Providers eventually agreed to put a fur ther 1.5m towards the subsidy and most advisers have paid but what will happen next year when the provider subsidy ends?Industry commentators predict further rises in compensation costs as endowment claims escalate and precipice bond problems start to make their mark.

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Scottish Widows Investment Partnership has designed a property fund for high-net-worth investors which can invest up to 100 per cent directly in commercial property. The fund is an authorised property unit trust established under the new collective investment scheme sourcebook published by the FSA in March. Under the old regulations, the maximum that property unit […]

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