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Windfall shares test case goes to court

The windfall shares test case to decide whether demutualisation shares and benefits should be taken into account when calculating loss in the pensions review is being heard next week.

The &#39Needler Financial Services Limited v Taber&#39 case is expected to start on 16 July for three days at the High Court at the Royal Courts of Justice in London. Legal firm Reynolds Porter Chamberlain is representing Needler&#39s PI underwriters, Collegiate.

The misselling involved Needler advising Mr Taber to transfer his deferred occupational pension to a personal pension plan with Norwich Union in 1990.


US giant setting sights on UK IFAs

US investment giant Massachusetts Financial Services is set to enter theUK IFA market in January with a new range of UK-based funds with differentshare classes for fee and commission-based advisers. Boston-based MFS, which has around $150bn (£107bn) under management,is the fifth-biggest fund manager in the US. The company plans to start its UK assault with […]

Foot and mouth and floods blamed for slump in sales

The Pep and Isa Managers Association is reassuring IFAs and fund managersthat the recent plummet in Isa sales is not a sign that the funds arelosing their appeal. Isa sales were down by 43 per cent to £1.3bn in March from more than£2.3bn in the same month last year and the new tax year started […]

Tax break deals on Govett offshore corporate bond fund

Govett Investments has set up a new offshore corporate bond fund offeringincome tax breaks for UK basic and higher-rate taxpayers. The Govett corporate monthly income fund was launched on Monday and has atarget pre-tax yield of 7.4 per cent a year. The Dublin-based fund will invest predominantly in investment-gradecorporate bonds, with up to 20 per […]

MGM diversifies with mortgage shop franchises

Life and pension specialist MGM Assurance is setting up a franchisednetwork of mortgage shops offering independent advice as part of a majordiversification drive. It plans to open 40 high-street branches across the UK within the nextfive years after it commissioned research which found that 80 per cent ofborrowers would rather buy through a broker than […]


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