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Seager is set for case after FSA delays

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 lodges formal offer for Skandia

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 […]

Lack of Sipp competence

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.

To have and have not

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.


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