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Split-cap firms to see evidence of collusion

Split-cap providers and stockbrokers which have agreed to take part in the FSA&#39s compensation package for investors are to be shown specific evidence of what they did wrong this week.

Until now, the 22 firms the regulator has pinpointed as being potentially culpable have only been shown generic evidence of wrong-doing and this will be the first time they are presented with specific evidence about alleged collusion.

The FSA will not say how many firms have agreed to pay out compensation but it does make clear that there are no IFA firms involved, only split-cap managers and stockbrokers.

It has also confirmed that it has commissioned PricewaterhouseCoopers to come up with what it views to be appropriate compensation. The consultancy has yet to recommend a figure.

FSA spokesman Rob McIvor says: “The catalogue of errors will provide specific evidence to those who agreed to take part, which is a majority of the firms involved. Until now the information has been anonymous, now it is specific.”

AITC director general Daniel Godfrey says: “Providing specific evidence was always going to be necessary to get people to come to the table.”


NDF European bond stands alone

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SLI picks Asian investment director

Standard Life Investments has announced the appointment of Aaron Pong as an Asian investment director. Pong, who will be based in Hong Kong, will be focusing on China. He joins Standard Life from the Royal Bank of Canada Investments Management (Asia) where he was the senior portfolio manager responsible for non-Japan Asia regional portfolios.

Morgan Stanley – FTSE Capital Plus Plan

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&#39Budget changes will not affect ScotEq RIT&#39

Scottish Equitable says changes to the taxation of gifts with a reservation announced in the Budget will not affect the relaunch of its reserved interest trust. The company says the product is the first discounted gift trust to allow a choice in the way withdrawals from capital are made. The RIT allows investors to potentially […]

China’s economic bounce may already be over

By Mike Riddell (17 May 2016) Most people would explain the rally in global risky assets since mid-February as being primarily down to the spectacular volte-face from the Federal Reserve, where Janet Yellen (and others) dramatically toned down their narrative that the Fed would be hiking rates as many as four times in 2016. This explanation […]


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