Fund Distribution Limited will make its first compensation offer to split-cap investors in December and says it will pay out within four weeks if claimants accept.Offers will be open for five weeks and claimants can reject an offer but would be inelig- ible for a second round of compensation next spring. FDL was set up last year to distribute 144m compen- sation from 21 firms following involvement in the splits’ deb- acle. It expects to pay out the majority of the money in the first round. Compensation forms were sent to investors in April. Initially, FDL said it expected 50,000 people to claim but it only received 40,000 completed forms. Compensation is available to people who held splits between July 2000 and June 2002 and whose aggregate los- ses were more than 250. FDL fund commissioner Mike Ellis says: “Each appli- cation has been looked at ind- ividually with an emphasis on consistency, accuracy and fairness in our approach.” Capital Asset Management managing director Alan Smith says: “It has taken a long time for FDL to go through the process. After nearly two years, giving investors just five weeks to decide does not seem long enough. Eight weeks might have been better, giving investors sufficient time to take advice.”
MFS International UK
MFS Meridian Technology Fund
Sam Shaw talks to Abbey’s chief executive (insurance and asset management) who says working in Italy has given him a cynical view of the UK finance industry which he accuses of ‘xenophobic arrogance’. He talks avidly about working with Mark Weinberg and Mike Wilson and forecasts a wrap explosion in a year’s time.
Norwich Union comes bottom of 10 providers in a Life Policies Direct life insurance and critical-illness cover underwriting table while Friends Provident has a commanding lead. The findings, which assess the average time that it takes product providers to issue acceptance terms for an app- lication show that NU took 40 days to underwrite, compared […]
David Blunkett has resigned as Work and Pensions Secretary after breaking the ministerial code of conduct by taking a directorship of DNA Bioscience before May’s election, without consulting an independent body which advises on these matters.Blunkett was due to address the Work and Pensions select committee today but this meeting has been cancelled. There is […]
International private medical insurance (IPMI) can be a complex business, especially when you need to find cover that complies with all the local legislations and regulations of a chosen country.
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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 […]