Settling a £194m deal on split capital investment trusts has been done in the shadows, The Times reports an MP on the Treasury Select Committee suggesting.
Not only was the deal announced on Christmas Eve, but it means some firms will escape naming and shaming, while the FSA will make no determination of regulatory breaches and impose no formal fines, the paper says.
Those hoping for compensation will now have to wait up to nine months while eligibility is established, the FSA has said.
The deal only covers those who held splits shares between July 2000 to June 2002, while claims below £250 “will not be entertained.”
CLOSED LIFE FUND consolidators could themselves be consolidated, the FT writes.
Industry consultant Ned Cazalet has made the prediction based on the number of interested parties looking to cut deals, including predictions of some 15 to 20 deals in the next 24 months.
However, with many consolidators each looking to do some three to five deals, there may not be enough closed funds available to meet demand, meaning additional consolidation of the consolidators.
CHILD TRUST FUND top-ups may be allowed as of April next year, but not before, meaning children born between 1 September 2002 to 6 April 2004 will miss out on up to £4,000 in returns, The Daily Telegraph reports.
That sum is based on average 6% annual returns on the two years’ worth of maximum top-ups allowed by family and friends of £1,200.
The Treasury is quoted as saying it would be too complicated to calculate the carry forward necessary to allow the two years’ worth of top-ups, but tax consultants say this means eligible children will miss out on up to two years of maximum contributions, meaning the affected children will be about £4,000 short when they turn 18 compared with slightly younger peers.
THE DOLLAR CONTINUES to slide as light trading has pushed the euro to a new high of more than $1.36 on its way towards a $1.40 level many traders feel will mark the real pressure point in relations between the US and the eurozone members.
The Scotsman quotes Joachim Schuetz, chief economist at UBS in Zurich saying: "There is a very strong consensus that the dollar has further to fall," he said.IFAonline
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress