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 […]
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
BMO Global Asset Management fund manager Robert Burdett has more than halved the exposure to passive funds in most of the multi-manager funds amid fears of a bubble in the market. Burdett, who co-manages the £1.2bn F&C MM Navigator Distribution fund with Gary Potter, says the team has been cutting exposure to passive funds across […]
Opinion differs as to what has caused the advice gap. Some believe the move from commission to fees has made advice unaffordable for the mass market, with advisers having to focus on wealthier clients for commercial reasons, while others say the trend was happening anyway, regardless of the RDR. For Simplified Money director Lesley James, […]
Sales of protection policies are back at peak levels, with the sector growing by more than 20 per cent in the past year, despite adviser complaints over protection’s lack of popularity. According to the latest figures from Equifax Touchstone, sales of protection policies surpassed £149m between July and September this year — their highest level […]