View more on these topics

BBB Network declared in default by FSCS

The Financial Services Compensation Scheme has declared BBB Network – formerly Berkeley Independent Advisors – in default, paving the way for
consumers to receive compensation from the scheme.

Consumers can claim compensation of up to 48,000 if they have lost money as a result of negligent advice from Berkeley Independent Advisors.

Loretta Minghella, chief executive at the FSCS, says: It is important for consumers to know that if they have had dealings with this firm, and believe they may have lost money as a result of negligent advice, they can contact.

FSCS is the UK’s statutory fund of last resort for customers of regulated
financial services firms. The service is free to consumers. Declaring a firm
in default is the final part of a process whereby a regulated firm, such as
a financial adviser has been found by FSCS to be unable to pay claims.

This means that customers who have lost money as a result of dealings with one of these firms can make a claim for compensation to FSCS. Consumers who believe they may have a claim should contact the scheme.

FSCS can pay compensation for claims relating to bad advice – for example,
if somebody has been advised to buy an investment product such as an endowment policy, but it was unsuitable for them and they have lost money as a result of the advice they received.

FSCS can also pay compensation for financial loss arising from negligent investment management and fraud, or if an authorised investment firm stops trading and cannot return its customers’ investments or money.


Coventry loans rise by 385m

Coventry increased its mortgages and other loans by 385m, its interim results for the first half of 2006 reveal. Other highlights of the results include a growth of 4.3% in assets for the six months, which now exceed 11.5m.

MBBG reveals July gross mortgage lending up 19%

Further lending figures from Major British Banking Groups just released show Julys gross mortgage lending was 19.1bn, some 7% below the record figure of 20.5bn in June, though 19% higher than the 16.0bn in July last year.Underlying net mortgage lending rose by 5.7bn, compared with 5.6bn in June, an average of 5.3bn over recent months […]

No substitute for the personal touch

IBM launched the first personal computer 25 years ago this month. At a cost of $1,565 per computer, sales were predicted to be 250,000 within five years – in fact, four years later, one million had been sold.

Destiny Business Services launches Endowment Fighters

Manchester-based Destiny Business Services has launched Endowment Fighters, a business that aims to re-shape the claims management and endowment market.Combating the widely publicised endowment mortgage mis-selling of the 1980s and 1990s, Endowment Fighters serves to fight the corner of the consumer.Mark Smith, chief executive of Destiny Business Services, believes Endowment Fighters is different from the […]

Diversified cashflows are key

Dividends are under pressure in some areas: but reliable yields can still be found. So says Adrian Frost, manager of the Artemis Income Fund, in conversation with Lawrence Gosling.


News and expert analysis straight to your inbox

Sign up