LIGHTER TOUCH regulated low-cost savings products could still bring new mis-selling claims from people who lose means-tested benefits as a result of buying them, the Daily Telegraph reports the Financial Ombudsman as saying yesterday.
Merricks told the Treasury Select Committee: "Potentially we could uphold a complaint in those circumstances."
People on low incomes who buy them could find they would have been better off not saving if they would otherwise be entitled to means-tested benefits when they retire, suggested Conservative MP David Heathcoat-Amory, a member of the Treasury Select Committee which is examining the public loss of confidence in long-term savings.
MERRILL LYNCH is in the press again this morning for yet another sexual discrimination case which could cost them around £7.5m if the investment firm loses, says the Guardian.
Stephanie Villalba, one of the most senior women executives in the City of London, was instructed to serve drinks to colleagues and to sit in the "stewardess seat" as they flew between meetings in an executive jet, the employment tribunal heard yesterday.
Villalba is claiming sexual discrimination and victimisation following the appointment of a new boss, Ausaf Abbas.
AND SEVERN TRENT is the latest firm to report a hole in their defined benefit pension funding, adds the Guardian, as the water group warns earnings this year will be hit by "significant" pension provisions.
Severn said the extra pension charges will have to be between £30m and £35m this year to help fund a deficit of £368m.IFAonline
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