No-win, no-fee endowment advice firm Brunel Franklin has decided to "name and shame" Halifax because of what it sees as unreasonable behaviour, reports The Daily Telegraph.
The issue relates to BF clients who have had their claims upheld by the lender, but which subsequently have had to wait as long as six months to receive their cash, the paper writes.
BF takes a 25% cut of any compensation awarded, the Telegraph says.
”We have supplied Halifax with all the information they need to settle these claims quickly, yet they are still refusing to pay out money they have admitted is due to clients,” says BF claims director Ian Allison..
The Telegraph reports Halifax’s view, which is that settelements can take time because of reliance on third party data, such as from life offices.
”Among banks and insurers, we are not unusual in the time we take over payment of claims,” the paper quotes a Halifax spokesman.
THE CITY’S BONUS culture has been stung in an employment tribunal after a former banker received a six-figure payout because she lost bonus payments after telling her employer she was pregnant.
The Scotsman reports former BNP banker Arianna McGregor-Mezzotero was treated differently by the bank because of her sex, according to the findings of a tribunal.
Her bonus was cut by 80% in 2001 alone, although the claim covered the period of 2000-2002, something the tribunal supported in stating the evidence was clear her male colleagues were awarded bigger bonuses: “they of course had not been on maternity leave,” the tribunal concluded.
Exact terms of the settlement have not been published because of a legal order.
ACCOUNTING RULES MEAN the size of the US pension deficit may be underreported by the biggest listed companies there, reports The FT.
A report from actuaries at consultant Towers Perrin suggests the average hidden pension cost not shown in published accounts at the 100 biggest US firms is approaching £3bn.
Companies have been putting more cash into their pension funds in the past year, but accounting rules mean the cost of this action can be spread out over several years, effectively the full negative impact on corporate bottom lines is yet to be felt.
These deferred costs will create uncertainty over future earnings, the report’s authors warn.IFAonline
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