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Investors ‘ignored’ by LC&F linked mini-bond provider

Some investors holding money with Blackmore Bonds are yet to receive July interest payments, despite the firm’s insistence all funds have been transferred and cleared. One such investor has told Money Marketing they have been “ignored” by Blackmore. Chief executive of the mini-bond provider Patrick McCreesh told Money Marketing this week that some investors holding Isas […]

Platforum: Taxing times for rebates

Rebates have been confirmed as taxable this month, in the long-running clash between Hargreaves Lansdown and HMRC. This effectively confirms “superclean” share classes are the most tax-efficient mechanism for delivering preferential rates on funds, rather than the oxymoronic “clean with rebates”. Asset managers will be very reluctant to implement multiple share classes at varying prices […]

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FCA finds widespread ‘poor practice’ in CMCs

The FCA has warned claims management companies to raise their advertising standards and ensure their promotions “do not mislead” potential customers as a review found widespread “poor practice”. The watchdog began regulating the claims management industry from 1 April this year. Since it took on the responsibilities of the Claims Management Regulator, the FCA has reviewed more […]

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FSCS ‘fails’ to request calls between LC&F and investors

The Financial Services Compensation Scheme’s handling of its investigation into London Capital and Finance has been called into question by the marketing firm used by the collapsed mini-bond provider. The lifeboat fund has been accused of not directly requesting the call recordings between Surge’s employees and investors ahead of its assessment to determine if “advice” […]

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CMA raps RBS and Santander for PPI failures

The Royal Bank of Scotland and Santander have been ordered to appoint an independent body to audit their payment protection insurance processes to prevent further failures. Both banks failed to adequately inform customers who might be due compensation as a result of the massive consumer banking scandal, which has seen more than £36bn paid back […]

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FCA’s DB video on transfers ‘first’ for watchdog

The FCA’s released video on defined benefit transfers is the first of its kind and no more are planned in the near future Money Marketing understands. The new video aims to help consumers know what they should expect when discussing a DB transfer with an adviser. Money Marketing understands the watchdog thinks a bonus effect […]