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Scott defends job losses after twin takeovers

John Scott & Partners says the redundancies as a result of it buying Charcol Holden Meehan and Charcol Aitchison & Colegrave are necessary because of duplication of roles.

The firm says some staff went because they did not have the skills to develop long-term relationships with high-net-worth clients in a fee-based environment.

At the end of 2004, John Scott & Partners bought both firms, previously owned by Bradford & Bingley, and said that job losses would be unavoidable.

John Scott & Partners says it is growing and says it has recruited further quality IFAs and support staff, inc- luding Coutts & Co IFA Marc Cuddihy, Chase de Vere’s Alex Hatfield and Chris Oakland from UBS.

John Scott & Partners investment manager Patrick Conn-olly says: “All such mergers tend to result in some shake-out. John Scott & Partners is aiming to be the UK’s premier employee- benefits consultant, independent financial planner and wealth manager for high-net-worth individuals and corporate clients. To achieve this, we cannot scrimp on the quality of our staff and the focus on our strategic vision.

“If we believe that some individuals are not of the required quality, if they do not share our vision of where the company is going, or if they feel uncomfortable in a growing and changing business environment, then it is entirely possible that they will leave.”


A missed opportunity

Strange goings on at the ABI summer party last week when mid-bash an ABI-branded cake was produced to the bemusement of onlookers. Director general Stephen Haddrill cut a hefty slice before the party resumed. The cake was to celebrate it being 20 years old but there was no announcements to this effect. What a lost […]

Warning on new transfer value basis

Proposed changes to the calculation of pension transfer values could benefit departing employees while reducing the benefits payable to remaining members, says First Actuarial. The actuarial boutique is concerned that proposals from the Institute of Actuaries will also introduce new levels of complexity that will impact negatively on occupational schemes. The Institute of Actuaries is […]

Taking stock

Matt Davis finds that equity markets have ridden out the terrorism

Surge in endowment and precipice redress

Compensation for mortgage endowment and precipice bond misselling increased threefold last year, according to the Financial Services Compensation Scheme’s annual report. Compensation paid on the misselling of personal pensions fell by 25 per cent to just under 47m, with the Pensions Review drawing to a close. But investment claims handled by the scheme in 2004/05 […]


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