The FSA claims it has found evidence of the alleged "magic circle" of split capital investment trusts, so chief executive John Tiner is preparing to launch enforcement proceedings, reported in the Scotsman.
The 21 firms at yesterday’s closed meeting were told they have until March 16th to decide whether they will contribute to a communal compensation fund and make the losses experienced by 50,000 investors, says the Scotsman.
Tiner says a forensic investigation of the companies’ accounts supports claims of collusion between them, adding the acceptance of a "collective settlement" deal would not protect the companies or individuals from further action.
A successful FSA prosecution could encourage a flood of negligence claims in the civil courts against AAM, BFS, Exeter, Morley, Gartmore, Framlington, Jupiter and stock brokers Brewin Dolphin and Collins Stewart- the firms thought to be involved.
A NEW MAP of the UK’s flood plains has been created by Norwich Union which pinpoints the areas and properties at greatest risk, but also allows an additional 600,000 people to gain affordable insurance against flooding, says the Times.
Creating the map is said to have cost £5m to make and two years to research, and can now look at specific properties rather than the catch-all postcode lottery policyholders previously faced.
Use of the map has yet to be rolled out across the UK, but will launch in Shropshire and Norfolk before stretching to Herefordshire, East Sussex, Thames Valley and York.
AND CHIEF EXECUTIVE of Bradford & Bingley, Christopher Rodrigues, is leaving the bank at the end of this month to become chief executive of Visa International, reports this morning’s FT.
Rodrigues has been influential in B&B’s rise as a specialist mortgage lender, since joining in 1996.
He will now be succeeded by Steven Crawshaw, a former Lloyds TSB executive who joined B&B in 1999 to manage its demutualisation.IFAonline
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