Shamed former Royal Liver sales manager Chris Large’s new firm has gone into administration following what is understood to be regulatory problems with the FSA.Macclesfield-based Route 2 Solutions went into administration on July 18 after moving into its “prestigious new offices” only five weeks earlier. Director Chris Large was sacked from Royal Liver after two months last November for making derogatory comments about its policyholders. The Liverpool-based sales manager told his sales team he thought the 1.4 million policyholders were too lazy to access life insurance via the internet. Cheshire-based Route 2’s website claims it had 180 advisers at the time of closing although the FSA website lists only three. It was set up in September 2004, receiving fully authorised status in October 2004. In October 2004, Route 2 signed a three-year agree- ment with Friends Provident to offer term insurance, critical-illness and income protection products. Vincent Simmons of Bennet Verby, the firm handling the administration process, says: “The company is insolvent and had ceased to trade the week previous to it going into administration. Proposals will likely be put to creditors within eight weeks of my appointment.”
Nicola York asks if clients want added-value services on critical cover or if they consider them to be fripperies that push up policy costs
Aifa is looking for a research firm to help in an initiative designed to protect IFAs against retrospective action by the FSA and Financial Ombuds- man Service. The Stakes in the Ground project aims to create a universally-accepted source of evidence of current regulatory standards and accepted practices to inform FSA and FOS rulings. Director […]
Stockport-based Cullen Financial Planning is set for further expansion after signing an agency agreement to acquire the clients and business of Rochdale firm, MoneyPlan Financial Services. The deal will see the transfer of over 1,000 corporate and private clients into the Cullen portfolio and raise its turnover to over 2.5m.
Beacon Capital Holdings is entering into non-conforming lending with the launch of Beacon Homeloans. The lender will distribute exclusively through the Regulatory Alliance of Mortgage Packagers. The group now consists of its IFA arm, Beacon Asset Management and packager, Beacon Mortgages.
By Mark Martin, Head of UK Equities, Neptune Investment Management The start of 2016 has been one of the most tumultuous periods in recent years for UK markets, with the FTSE 100 Index briefly entering bear market territory in the middle of January. Fuelled by a collapse in the oil price and escalating concerns over […]
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As someone training to be a cricket umpire, fair play matters to Fortitude Financial Planning director Chris Bowmer. Doing the right thing for clients is something he has adhered to from the start of his career, even in a 1980s sales environment with nothing to gain by delving beyond a client’s surface requirements. While he acknowledges […]
Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]