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Yorkshire Bank hit for £100,000

Yorkshire Bank has been fined £100,000 by the investment management regulatory organisation for errors in its Pep administration.

The breaches in Pep regulations came between December 1996 and June 1999, and included failing to complete customer asset reconciliation and failures in internal organisation and control.

Yorkshire will also have to pay another £100,000 to compensate the 1600 tax-free Pep investors affected by the mistakes.

The Australian-owned bank says the problems were uncovered by its own monitoring procedures and stemmed from the shutdown of its Pep arm.

Yorkshire will have to pay Imro £55,000 costs.


Merrill sponsors Chelsea

Giant fund manager Merrill Lynch is to sponsor this year&#39s Chelsea flower show. The four year deal, will last until the Royal Horticultural Society&#39s bicenteniary year in 2004. As part of the deal, Merrill will have its own show garden.

Misys backing &#39stakebusters&#39

Misys IFA Services is end-orsing IFAs who price advice into the annual management charge, busting the Government&#39s 1 per cent charge cap.The move is supported by Misys stakeholder panel of six companies which comprises Norwich Union, Axa Sun Life, Clerical Medical, Scottish Amicable, Scottish Equitable and Scottish Widows.Misys says advisers can incorporate an advice charge […]

Should ABI kitemark be taken with pinch of Saltr?

The ABI&#39s Raising Standards quality mark scheme is the result of two years of activity by big hitters in the financial services industry.The ABI had decided action was needed to raise consumer confidence in an industry burdened with a seemingly unshakeable image problem.The only way forward was to raise standards to create an environment where […]

The flexibility factor

The 21st Century has arrived and the flexible mortgage boom has followed. Flexible mortgages have taken the UK market by storm, currently accounting for a total outstanding balance of £31.9bn and 12.4 per cent of gross lending.These at least are the findings of the latest quarterly First Active Flexible Mortgage Index, which is based on […]


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