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Small IFAs still lagging behind says FSA

The FSA says there are still small IFA firms who remain unwilling to take responsibility for pensions misselling they may have been involved in as its review winds to a close.

Despite this, the regulator says it is on track to successfully complete the review by its target date of June 30, 2002.

Figures from the end of last year state small IFAs have completed 61 per cent or 22,171 of their 36,499 review cases while networks and large IFAs have finished 89 per cent or 47,690 of their 53,466 cases.

Overall, 84 per cent or 699,455 of 1,248,631 of Phase Two cases have been completed and the FSA expects the vast majority of consumers should receive any compensation due by December 2002.

FSA director of the pension review Philip Robinson says: “Between now and the June deadline the FSA will concentrate its efforts on those firms and enforcement will be used where necessary. Recent figures show, for example, that there are some small IFA firms that remain unwilling to take responsibility for redressing losses caused by their past mis-selling.”


Brown announces April budget

Chancellor Gordon Brown will present his next budget to the nation on April 17, the first April budget in nearly a quarter of a century.In an answer to a written question in the House of Commons, Brown announced the date for his next budget.

Fury at ScotLife blocking bonus

IFAs have slammed Scottish Life for reneging on its pledge to issuewith-profits policyholders with an additional reversionary bonusfollowing its demutualisation last year.ScotLife sent out a policy circular last April stating its intentionto pay a bonus to policyholders at the end of 2001 as part of acompensation package for loss of voting rights after the takeover […]

The Plotz thickens for investors in UK films

Curzon Capital is to sponsor Movision Management&#39s first series offilm partnerships intended to offer tax relief for investments inBritish film and TV productions.The partnerships have been structured to benefit from capitalallowances for film and television finance. These allow investors tofinance the investment from existing tax liabilities or tax alreadypaid. Investors also receive a small tax […]

Standard & Poor&#39s Top 10s

Merrill Lynch Investment Manager&#39s gold & general fund is back ontop of the unit trust table with a return of 46.68 per cent for thepast 12 months. But despite rising returns at the top of the table,the average unit trust return has fallen to -17.53 per cent fromaround 14 per cent at the start of […]


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