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Swiss land banking company ordered into compulsory liquidation

A Swiss land banking company has been ordered into compulsory liquidation for a scheme in which it sold land in South England which left investors owning useless plots bought at inflated prices.

Hambrook & Greenstock AG ran a land banking business selling plots of undeveloped land to UK investors at three sites at Sible Hedingham, Marlow, and Chalford.

The company bought the land for just over £600,000. Some 750 plots were subsequently sold to investors for £5 million.

The firm sold plots of land to the public on the basis that it would seek planning permission and then no planning permission had been obtained.

The petition to wind up Hambrook & Greenstock AG, in the public interest, was presented following an investigation by the Department of Business, Enterprise & Regulatory Reform.

BERR Minister Pat McFadden says: “This should send a message loud and clear to fraudsters who think they can rip people off and get away with it. These people used a slick sales pitch to swindle honest investors who ended up out of pocket.

“We’re determined to crack down on these scams. The public should be wary of aggressive land sales offers.”


High take-up for Red Arc service

Aegon Scottish Equitable says 88 per cent of group critical-illness policyholders who make a claim use the support services it provides through care advisory specialist Red Arc.

Split-cap saga finally draws to an end

Split-cap product provider BFS Investments has been declared in default by the Financial Services Compensation Scheme.It marks the end of the split-cap debacle and the FSCS has already contacted over 4,000 investors and expects to complete its compensation payouts within nine months.BFS had been in liquidation since 2006 and the move follows extensive enquires into […]

Doric roars into the City

Doric Asset Finance, is aiming to raise £170m from UK and German investors for Geno Lion Plaza GmbH & Co KG, a closed-ended fund that invests in a retail and office building in the City of London.

Winterthur delivers 36 per cent growth in pensions business

Winterthur’s wealth management business has reported a 36 per cent increase in new individual pensions business in the first nine months of this year. Individual pensions new business rose from £1.12bn in the first nine months of 2006 to £1.52bn in the same period this year.Winterthur’s assets under management were up from £9.9bn to £11.3bn […]

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them


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