ALL OPINIONS EXPRESSED ON THIS WEBSITE ARE THOSE OF THE MEMBERS WHO CHOOSE TO CONTRIBUTE. THEY SHOULD NOT TO BE INTERPRETED AS OFFERING SPECIFIC “FINANCIAL, TAX or LEGAL ADVICE”. INVESTORS MUST OBTAIN THEIR OWN INDEPENDENT PROFESSIONAL ADVICE.

UPDATE UPDATE UPDATE > 4th February 2010 < UPDATE UPDATE UPDATE

AIG's ALICO is in talks to be sold - ALICO is the firm you are invested with, previously named AIG UK. The new CEO of AIG was formerly with MetLife, another giant US insurer, and his former firm is now in talks to take ALICO off AIG's hands. This is good news, but before you get excited it is not likely to lead to MetLife repaying the PRF early, although it would be interesting to see if they force ALICO to settle the issue first.

As MetLife have stated, this is not a definite, but it will be good if it happens. Any deal will specifically require MetLife to be happy with any potential liability at AIG.

I'll keep you posted. Hobie


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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AIG Action Group - the next stage. We have a new committee with legal, financial and FSA expertise. The committee's objective is to use the collective weight of group pressure to support the complaints of the individuals, to source legal opinion on the actions of the advisers and AIG, and to provide support and relevant information for investors caught up in the Enhanced Fund.

We want the FSA to do its job,
We want the banks to refund the investments.
We want 'instant access cash' to mean exactly that.

We don't have all the answers, but we do know most of the questions.

It is our intention to have rolling commitments from members of the group, and we do believe satisfactory outcomes will take at least 18 months.

We are in the middle of 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