Summer 2010
Welcome to our Summer newsletter.... . Our aim is to bring you interesting and topical articles, which we consider relevant to our industry.
Please contact Nicole direct on nicole@antonybatty.com if you would like us to cover a particular topic.
Phoenix Operations
Simon Parker of Antony Batty & Co discusses phoenix operations and the restrictions in the re-use of a company name... To read more click here...
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Legal Update
This quarter's legal update has been kindly prepared by Wortley Byers LLP and covers an employment update - Equality Act 2010 - and a Charity Law update. To read more click here...
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Budget Update
Robert Hutchinson of St. James's Place Wealth Management summarises the opportunities afforded by the budget. To read more click here...
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Insolvency News
For the latest insolvency related online news and recent appointments, go to www.insolvencynews.com.
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ABC News
FSA Approves Firm's Appointment as Administrators
MANDRAKE ASSOCIATES LIMITED (IN ADMINISTRATION)
On 10th May 2010, following a report made to the Financial Services Authority (“FSA”) on the solvency of the company, the directors of Mandrake Associates Limited appointed Stephen John Evans and William Antony Batty as Joint Administrators.
The company had traded since May 1974 as an authorised independent financial adviser based in Wisbech, Cambridgeshire. The current business was based on a management buyout from Countrywide plc in the mid nineties.
At the time of sale the company was undertaking a review of its pensions business as required by the Regulators at the time, the Securities and Investment Board. It became apparent that a number of clients had been mis-sold personal pensions.
In July 2006, the company voluntarily varied its Part IV permissions and closed to new business following discussions with the FSA about ongoing consumer liabilities in respect of the pension review and mortgage endowments. Following this a total of approximately 700 claims had been received for endowment policy mis-selling, as well as some 50 personal pension polices.
The administrators are working with the FSCS with a view to establishing that the company is in default, so that the various received claims can be dealt with through the Compensation Scheme administered by the FSCS. It is an unfortunate fact, that as such claims are now a number of years old and are by their nature complex it is estimated that such claims will take between 18 – 24 months to process. We are continuing to work with company staff retained, to review any further claims that are still being received to ensure that these claims are properly dealt with.
SJE 16.06.10
City Professionals Networking event – Friday 2nd July 2010
Our next event will be held on Friday 2nd July 2010 at the Puncheon, Cowcross Street, Farringdon, from 1pm www.davy.co.uk/puncheon. This event has kindly been sponsored by Nat West Bank plc.
For more regular updates and discussion, visit and join our group on www.linkedin.com
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