Action Group for AIG Enhanced Fund Victims
Sharing information for the 1000s of victims of AIG's Enhanced fund. Aiming to give the fundholders a voice in what happens to their money.
Forum
Still here, still seeking redress 95 Replies
Started by Hobie. Last reply by jane sanders Jul 23.
18 months of hell HELP!!!!!!! 2 Replies
Started by Stephen H. Last reply by Hobie Jun 16.
AIG/ALICO DISTRIBUTION 1 Reply
Started by david atkinson. Last reply by R S[BW] May 27.
Any exposure to Greek banks in the PRF?banks 2 Replies
Started by AM. Last reply by toast May 10.
Coutts & Sir Keith Mills 5 Replies
Started by Fingers Crossed. Last reply by Malcolm P Ward Apr 13.
![R S[BW]](http://api.ning.com/files/inQS6P-y*NhIQTmLDq58zU7xsAsQhB5CPIho8SlK7wTiI1HgTUeaekGPFGXXYMPx9MAEfzMi2lHZRp-BmTm2ybo5b5ZgaggE/127129570.png?width=32&height=32&crop=1%3A1){kind=small}
AIG TO SELL ALLICO TO METLIFE 1 Reply
Started by R S[BW]. Last reply by flower Mar 17.
Historic Enhanced fund data and fact sheets 2 Replies
Started by Grahame Goodyer. Last reply by Grahame Goodyer Feb 25.
NEW TAX IMPLICATIONS AND NEW BOND *** MUST READ ***
Started by Steve Wilson Feb 11.
January 2010 - status update 3 Replies
Started by John Upex. Last reply by anthea johnson Jan 21.
September Unit Price 2 Replies
Started by R S[BW]. Last reply by R S[BW] Sep. 24, 2009.
AIG Enhanced Fund Action Group - moving on
THE LATEST PRF PRICE FROM ALICO - CLICK HERE
UPDATE UPDATE UPDATE > 16th June 2010 < UPDATE UPDATE UPDATE
More complaints are now sitting on the desk at FOS, and they have identified what they believe is a key failing by some of the banks. As most folk know, we asked FOS, the FSA and the OFT to consider this case for what is known as a Wider Implications review. The FSA has been investigating AIG's actions in running & marketing the fund for some time now - we are taking the view (along with learned specialists in the area) that no news is good news. That's no guarantee that the FSA will rule against AIG (sorry, Alico) but it means they clearly have had some work to do to evaluate the position.
Industry experts here know how long this takes; the plus in using the FSA and FOS is that they have the authority to force a settlement to all investors if they believe that to be warranted, even those who have not complained or - more particularly - those struggling with complaints themselves.
Please remember, complaints can only be submitted to FOS within six months of the final response from your bank/adviser.....normally. We have just reviewed a case, however, where there are potential extenuating circumstances that we have asked Barclays to address by re-opening the complaint.
A Barclays investor has had a FOS adjudication in his favour in March of this year and the investor loss was significantly in excess of £100,000. As expected, Barclays don't agree with the adjudication from the Ombudsman Service, but the assessment is quite black & white.
Having forwarded the members documents to the FSA the process they are following is to investigate the way AIG ran the fund in the first instance. Pending the outcome of that, tied into a specimen complaint, FOS are holding off adjudications. We are not expecting an outcome from the FSA before April.
As we have said before, this will take time. If there are still unresolved distress cases caused by this then please contact us directly as we can provide 'support' and guidance.
OUT OF THE MOUTHS OF BABES AND BANKERS....
The FSA rulebook says:
Rule 14.3.2 specifically stipulates that the risks must be provided
‘in sufficient detail to enable the client to take investment decisions on an informed basis’.
Barclays Bank compliance says:
" A product is not inappropriate or unsuitable simply because an investor does not understand it, particularly in circumstances where the investor has granted a discretionary mandate to the banker in connection with investment decisions. Put bluntly, there is no requirement that the investor should understand matters at all."
We wrote to Marcus Agius, the chairman of Barclays, asking if he agreed with his Barclays Wealth's interpretation. The response came from.......Barclays Wealth.
If you have anything in a similar vein, please let us have a copy. Investor confidentiality is maintained at all times, and we are registered with the Information Commissioner.
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We are always cleaning out the membership list. If you find you have been inadvertently 'banned', please email me. ADVISERS et al: please do not advertise your services in posts: email me your details and we can add them to the list in the reference library. Thanks.
Hobie
Blog Posts
FOS & FSA: the Wider Implications Process.
Posted by Hobie on July 6, 2009 at 5:53pm — 6 Comments
Update on the PRF - if you prefer fact to comment
Posted by Hobie on July 26, 2009 at 10:06am
The FSA's definition of cash
Posted by Hobie on July 2, 2009 at 3:30pm
How to get the refund of your original subscription
Posted by Hobie on July 1, 2009 at 8:30am — 3 Comments
How to get your client file
Posted by Hobie on July 1, 2009 at 8:24am
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