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Sesame fined £290,000 for pensions unlocking

IFA network Sesame has been fined £290,000 by the FSA for serious failings in pensions unlocking.
The firm was punished for advice given to potentially 3,205 customers between August 1999 and May 2001.
The regulator said that Sesame, which at the time was called Kestrel Financial Management Ltd, failed to adequately monitor selling practices of Regal Partners Financial Planning Limited.
The FSA said that Regal operated a processed approach to selling that failed to take account of aims and objectives of its customers.


NU increases stake in Lifetime

Norwich Union is increasing its stake in wrap proposition Lifetime from 49.9 per cent to 70 per cent. The move sees the life office take shares from IFA Millfield and founders giving it the majority share. NU spokesman James Evans says: “We see great potential in the wrap market and certainly the kind of distribution […]

Ruffer hits £1bn mark

Investment manager Ruffer has reached £1bn funds under management.The discretionary portfolio management service for private clients, trusts and pension funds topped the £1bn marker in its 10th anniversary year.It has an absolute return investment style and has attracted business from quasi-institutional clients.

Depolarisation may be brought forward

Depolarisation is likely to take place in December, a month earlier than the market has been expecting. FSA sector manager (retail intermediaries) Paul Rich says the final rules should be out by the start of December, with depolarisation being implemented later in the month. There will be a six-month transitional period when the market can […]

Rejecting merger will send out wrong message

I have been surprised and somewhat saddened by the level of misinformation circulating about the LIA/Sofa merger. I cannot see how disingenuous comments about the LIA board help in the debate about a new professional association. I am a past president of the LIA and have always been in complete support of a merger between […]


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