Day Cooper Adams have gone into liquidation owing thousands to clients for whom they were supposedly handling claims.
Not only did they take fees up front but they accepted compensation payments ordered by FOS which have now apparently also been lost never having been paid over.
You can read the more in the blog on yourmoney.co.uk and and find links to articles on the news story.
The question to be asked is why did FOS / FSA / Justice Ministry allow a situation to arise where a firm regulated by the justice ministry can handle client money with no apparent protection.
Wednesday, 20 May 2009
Wednesday, 6 May 2009
OFT Videos - Scams and Fraudsters
The OFT (Office of Fair Trading) has issued warnings and notices about mail order scams and frauds for some time.
Many of these frauds and scams are aimed at the vulnerable elderly population. The OFT has produced some excellent videos that explain and illustrate the type of activity and how easy it is for an elderly person to fall victim.
The perpetrators are often plausible pleasantly individuals who first approach by the phone. Many of the victims are people who would never have thought of themselves as vulnerable to these crooks.
Anyone who has elderly parents, relatives or neighbours who they care for should be aware and warn them the OFT videos explain the tricks and plausible nature of these fraudsters who operate using mail and telephone.
Many of these frauds and scams are aimed at the vulnerable elderly population. The OFT has produced some excellent videos that explain and illustrate the type of activity and how easy it is for an elderly person to fall victim.
The perpetrators are often plausible pleasantly individuals who first approach by the phone. Many of the victims are people who would never have thought of themselves as vulnerable to these crooks.
Anyone who has elderly parents, relatives or neighbours who they care for should be aware and warn them the OFT videos explain the tricks and plausible nature of these fraudsters who operate using mail and telephone.
- Angela Ripon on How to spot avoid Scams
- The OFT on the methods the scam merchants and fraudsters use.
- The OFT on How to spot if someone is a Victim
Lost Bank Accounts
There are thousands of dormant bank accounts in UK financial institutions. Accounts are considered Dormant by Banks and Building Societies after no use has been made of them for a long period.
The accounts are marked as "Dormant" and when and if if a claimant turns up they will need some evidence to show that they have a legitimate claim to the funds.
There are several firms who will offer to find and trace lost accounts for a fee but it is really quite a simple operation and the Banks Building Societies have now set up an organisation specifically to assist you in tracing a lost account.
Remember the Post Office account you had as a kid or the National Provincial Pass Book your parents kept for you. What happened to it?
You are an executor of estate left by elderly relative and you are sure they had accounts elsewhere but you can not find the paperwork.
The British Bankers’ Association, the Building Societies Association and National Savings and Investments ( including premium Bonds) . They represent most of the firms that offer savings and current accounts in the UK. So if you need to trace a lost bank account, this is the place to start.
We have published an article on the Yourmoney.co.uk web site that will help you to get in touch with the organisations who can help you trace that lost account.
The accounts are marked as "Dormant" and when and if if a claimant turns up they will need some evidence to show that they have a legitimate claim to the funds.
There are several firms who will offer to find and trace lost accounts for a fee but it is really quite a simple operation and the Banks Building Societies have now set up an organisation specifically to assist you in tracing a lost account.
Remember the Post Office account you had as a kid or the National Provincial Pass Book your parents kept for you. What happened to it?
You are an executor of estate left by elderly relative and you are sure they had accounts elsewhere but you can not find the paperwork.
The British Bankers’ Association, the Building Societies Association and National Savings and Investments ( including premium Bonds) . They represent most of the firms that offer savings and current accounts in the UK. So if you need to trace a lost bank account, this is the place to start.
We have published an article on the Yourmoney.co.uk web site that will help you to get in touch with the organisations who can help you trace that lost account.
Tuesday, 5 May 2009
Equity Release
How can Equity release or a Home income plan help you?
Are any of these schemes right for you and your circumstances?
Not all personal circumstances or or individual situations suit equity release plans.
Before considering any borrowing on your home you should understand the facts and the principles behind the schemes on offer and ensure that you take advice from an Independent expert. In other words an Independent Financial Adviser. (IFA) and only an IFA.
Make no mistake about it use only an IFA, not a "Wealth Manager", a Bank adviser, a Financial consultant or any of the other euphemisms that non- IFAs use to hide the fact they are salesmen for a one or a limited number of companies. Make sure they tell you they are an IFA.
We have an article on Equity release by an expert on the yourmoney.co.uk site which we would recommend you read before doing anything else.
Are any of these schemes right for you and your circumstances?
Not all personal circumstances or or individual situations suit equity release plans.
Before considering any borrowing on your home you should understand the facts and the principles behind the schemes on offer and ensure that you take advice from an Independent expert. In other words an Independent Financial Adviser. (IFA) and only an IFA.
Make no mistake about it use only an IFA, not a "Wealth Manager", a Bank adviser, a Financial consultant or any of the other euphemisms that non- IFAs use to hide the fact they are salesmen for a one or a limited number of companies. Make sure they tell you they are an IFA.
We have an article on Equity release by an expert on the yourmoney.co.uk site which we would recommend you read before doing anything else.
Tracing Lost Pensions.
Pensions get lost when people move jobs, particularly when they are young and change occupations, go overseas for periods become non resident for tax purposes etc etc.
It is very easy to forget that the three years you worked in the engineering works after college or university meant they may have three years pension contributions.
Others assume because the firm that they did a year or two with eventually disappeared and went bust means that their pension entitlement went with it. This is often not the case. You may not be able to get all you would have got had the firm stayed in business but you will have some entitlement. In takeovers your entitlement will often have been transferred and depending on the scheme may even be better than your original entitlement.
The fact is you do not know unless you trace your old pension schemes and establish what entitlement you have.
It is important to trace old pensions because a few years extra service can amount to significant amount.
You need to sit down and write a down list of any employer you worked for and the dates as far as you can remember. Get hold of any old paperwork if you still have it and get your National Insurance number. That would normally have stayed the same throughout your working life.
We have several pages with information on tracing lost pensions on the site.
It is very easy to forget that the three years you worked in the engineering works after college or university meant they may have three years pension contributions.
Others assume because the firm that they did a year or two with eventually disappeared and went bust means that their pension entitlement went with it. This is often not the case. You may not be able to get all you would have got had the firm stayed in business but you will have some entitlement. In takeovers your entitlement will often have been transferred and depending on the scheme may even be better than your original entitlement.
The fact is you do not know unless you trace your old pension schemes and establish what entitlement you have.
It is important to trace old pensions because a few years extra service can amount to significant amount.
You need to sit down and write a down list of any employer you worked for and the dates as far as you can remember. Get hold of any old paperwork if you still have it and get your National Insurance number. That would normally have stayed the same throughout your working life.
We have several pages with information on tracing lost pensions on the site.
Sunday, 3 May 2009
The Lautro Scandal
The FSA is continuing to fight the information commissioner over the issue of naming the guilty companies who overcharged their customers. What is worse they admit that although the companies are guilty they have no idea if any compensation has been paid.
What has the FSA got to hide? Why will they not tell us who is guilty? Why will they continue to defy the information commissioner?
Read more about the LAUTRO Scandal here on yourmoney.co.uk
What has the FSA got to hide? Why will they not tell us who is guilty? Why will they continue to defy the information commissioner?
Read more about the LAUTRO Scandal here on yourmoney.co.uk
Subscribe to:
Comments (Atom)