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THE LATEST PRF PRICE FROM ALICO - CLICK HERE

UPDATE UPDATE UPDATE > 8th November < UPDATE UPDATE UPDATE

Enfin.........

"The FSA has fined Coutts & Company £6.3m for a string of failings in connection with the sale of the AIG enhanced variable rate fund.

Coutts has also agreed to carry out a costly past business review, overseen by an independent third party, in relation to all customers who remained invested at 15 September 2008. It will compensate all those customers who have suffered a loss as a result of its failings."

Full ruling by the FSA is here: FSA fines Coutts on AIG miss-selling

This has been as we originally advised back in late 2008 - if the FSA can be persuaded of the mass incidence of miss-selling they will order the bank to review ALL cases and make recompense to all who have been miss-sold, without using FOS or the courts.

Irrespective of investment size. Irrespective of loss.Irrespective of foreseeability. Irrespective of anything done by AIG in running the fund.

1) Bingo

2) Roll on Barclays, UBS, Credit Suisse et al...........

 Next steps:

1) Ring your person at Coutts now - be a nuisance, demand compensation.

2) Move your money from Coutts now.

We don't know what will happen re compensation but it is highly likely to be to put you back into the position you would have been if you had just put money into an ordinary deposit account on day one, with interest payable to you on the lost interest.

Keep in touch....Hobie

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."


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

 This morning we have submitted a formal complaint to FOS......about FOS. The delay in response to the submitted complaints breaches their stated service standard aims, and we have raised this with Caroline Mitchell, a lead Ombudsman.



The race does appear to be on to see if we can get a court ruling out before a FOS final adjudication. We are told that there is a judge deliberating on a case as we write, but with no further info - if anyone can point us in the direction of the case then it would be useful for all.



There are still many queries about whether folk are better off taking the current surrender value and reinvesting elsewhere; the simple answer is maybe. Not everyone's case is the same, and the unit price in the PRF depends on whether or not your bank/broker is still being paid trail commission. As ever, seek advice if you are unsure of what you are doing.