THE GUARDIAN this morning reports the test case ruling in favour of an Equitable Life policyholder who was badly advised by the company will open the door to payouts likely to run into millions.
The paper says the Financial Ombudsman Service yesterday issued a final ruling on the case of Ms E, one of thousands of "late joiner" policyholders who signed up with the company shortly before its near-collapse.
Walter Merricks, the chief ombudsman, ordered the company to compensate her via a payment into her pension fund. His decision is expected to trigger payouts to up to 1,500 policyholders.
THE ABILITY OF USERS of internet bulletin boards to remain anonymous was placed in serious doubt yesterday according to the Guardian after Terry Smith, chief executive of City firm Collins Stewart Tullett, won a landmark libel settlement.
Smith and his firm won "substantial" damages from Jeremy Benjamin, a fund manager who posted false allegations on the Motley Fool web site using the invented web name "analyser71".
The claims were described in a high court statement yesterday as "serious allegations of criminal and dishonest financial wrongdoing by Mr Smith and the claimant companies" and "a grave slur on Mr Smith's personal and professional integrity.”
ACCORDING TO the Financial Times the London Stock Exchange says new issues more than doubled in the eleven months to the end of February, thanks to strong performance in the first two months of 2005, as talks continue with Euronext about a possible takeover.
There were 436 new issues during the period, said LSE, Europe’s third largest market. The majority of these (363) were on the Alternative Investment Market (AIM), although main market new issues increased to 73 from 38 last year. Twelve of these were international listings.
TWO members of the Bank of England’s monetary policy committee voted to hike interest rates at their meeting two weeks ago, but were overruled by the other seven says the Scotsman
According to minutes of the meeting released yesterday, Paul Tucker, who oversees the bank’s market trading operations, and deputy governor Andrew Large had argued that "a modest rise in interest rates now would help to pre-empt inflationary pressures and an increase in interest rates would not be a major surprise".
But the other committee members voted to leave rates on hold at 4.75% for the seventh month in a row, arguing that "the balance of risks to the inflation forecast remained sufficiently to the downside in the near term to justify maintaining the bank’s rate at its current level".IFAonline
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15% increase in number of claims paid