Split capital investment firms were told last night it is up to them to spearhead the mis-selling re...
Split capital investment firms were told last night it is up to them to spearhead the mis-selling review rather than wait for litigation to begin in the courts, says the Daily Telegraph.
John McFall, Labour MP for Dumbarton and chairman of the Treasury Select Committee, told directors at the AITC dinner that it was not an option to say compensation could not be paid because of hard time was "unacceptable".
McFall says he believes many customers are entitled to compensation because they "found themselves facing substantial financial loss through no fault of their own" because they were badly advised and received poor documentation, according to the Telegraph.
SCOTTISH Widows Investment Partnership has seen huge interest in its property-based investment trust, says a report in this morning's Scotsman, as continuing fall of the equity markets is encouraging people to invest elsewhere.
This, of course, is good timing given that SWIP is currently marketing a new share issue for the £225m UK Balanced Property Trust, to help pay for a new property acquisition.
It may also have something to do with the average return of more than 7% on the trust, says the Scotsman.
Abbey National has sold its First National credit business for £848m to GE Consumer Finance, says this morning's FT newspaper.
The struggling banking group has been trying to rid itself of the consumer credit arm for some time, particularly given the huge losses it already faces at its wholesale banking business.
While the deal covers consumer finance, First National's motor and litigation unit is not part of the sell-off as the motor division could be worth another £150m, according to the FT.
FTSE 100 company directors have been giving themselves increasingly larger pension pots even though the value of their companies have been falling and billions of pounds worth of stock has been wiped off the stockmarket, say research in the Times.
An annual survey of directors by Labour Research says 249 directors are expecting a pension of at least £100,000 a year while the number of directors who are guaranteed an annual pension of more than £300,000 has climbed to 68, up by a third from last year's 51 directors.
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