Whitechurch Securities chairman Kean Seager has finally been served with the FSA’s response to his claim against him after the regulator twice requested delays before filing.Seager says he is frustrated over FSA delays in his Financial Service and Markets Tribunal case – which relates to allegations of precipice bond misselling – after the regulator twice requested month-long extensions on its submission of the statement. He is challenging an FSA order which said that he had to write to all Whitechurch Securities clients regarding the sale of precipice bonds. He has so far refused to write to the clients, saying that clear warnings were given with all communication material promoting the precipice bonds. Seager is meeting with his legal team this week to discuss the FSA’s case and says he is confident he will win. He says: “I really do not think we have done anything wrong, so I do not quite know what is taking so long. I suppose that once issues get into the legal system they take as long as they take and you just have to sit patiently and wait.”
Old Mutual has made a formal offer of 3.3bn to the Skandia board conditional on the latter recommending shareholders accept by 23 September.Old Mutual admits it has so far garnered support from only 17 per cent of Skandia’s shareholders but is confident of getting the majority it needs in the next three weeks.The offer, a […]
Australian multi-manager MLC has appointed La Salle Investment Management to run the global property element of five manager of manager portfolio funds available through Pivotal, its UK distribution arm for IFAs.
Innocence is bliss, or so we are told. A Greek friend of mine, who believes that life is more straightforward than it really is reacted to his divorced friends plight by taking direct action with no regard for the reality of the situation. This is similar to many who will invest in Sipps for the first time as soon as midnight strikes on April 5 next year.
The new 40 per cent tax break for buy-to-let landlords has, not surprisingly, attracted more media attention than any other pension policy for quite some time.
Earlier this year, Jelf Employee Benefits mentioned that the then minister for pensions was openly discussing the need for an increase in the minimum level of auto-enrolment pension contributions.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]