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Rogue chasers face jail threat

The Claims Standards Council believes the onset of claim-chaser regulation will rid the sector of rogue operators as rule-breakers could face a two-year prison sentence.

Speaking at an extraordinary general meeting of the CSC to ratify its executive, new chairman Andrew Twambley said the regulations will be “a very uncomfortable read” for any claim firms with something to hide.

He said the penalties of withholding information or lying on an application form include a custodial sentence and should scare off unscrupulous individuals. The CSC has become a trade body in the run-up to regulation and is moving from London to Manchester.

The Department for Constitutional Affairs will oversee regulation which will be supervised nationally by Staffordshire County Council trading standards from next April.

Brunel Franklin director Anthony Sultan, who is on the CSC’s new executive committee, said “cowboy operators” will no longer be able to survive. He said although the formal regulations come too late to have a major effect on the endowment sector, unless the firm is successful in over-turning time-bar rules, it will be useful in other potential areas of contention, such as bonds, payment protection insurance and contracting out.

Sultan hopes that now the CSC has been reborn as a trade body it can help with issues of mutual interest, such as consistency of decision by the Financial Ombudsman Service.

Sultan said: “Brunel Franklin has always pushed hard for regulation and we are finally about it see it kick in. It is probably too late to have a major effect on the endowment sector but it is very positive.”


Tories criticise late change on S2P band

The Tories have attacked last-minute changes to the Pensions Bill which they say will hit middle-earners because instead of phasing out the top earnings’ band of S2P over a number of years, it will be merged with the band below it in one step in 2010.

Bankhall tells advisers to ditch low-earners

Bankhall is telling members they could be better off ditching the bottom tier of their client base and focusing on their high-net-worth customers.It says bancassurers are increasingly hoovering up lower-earning clients and advisers should concentrate on ensuring they maintain the higher-earners.Bankhall marketing director Richard Howells says: “IFAs will start to deal increasingly with higher-earning clients […]

New deal changes at Nationwide

Nationwide says it will continue running its “new customers only” ads despite ending its policy of offering the same deals to new and existing borrowers.It is changing its range from December 1 so rates on remortgaging, deal switching and further advances are higher than those for home purchase a move which was first revealed on […]

JS&P chooses Vertex technology for its STP

Vertex has announced that John Scott & Partners has selected its straight-through-processing technology proposition to support its new wealth management group.JS&P says that following its acquisition of Towry Law earlier this year it will be utilising 1st software for its 200-odd advisers’ STP needs. Vertex Life, Pensions & Distribution managing director David Child says the […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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