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Ministry of Justice investigates Cartel Client Review

Money
BBC Radio 4's Money Box
Saturday, 27 February 2010 at 1204 GMT On Radio 4 and Online

An investigation has been launched into one of the biggest claims management companies in the country.

BBC Radio 4's Money Box has learned that Cartel Client Review is being investigated by the Ministry of Justice in response to complaints.

For an upfront fee of up to £495 the company offers to help customers bring claims against lenders for mistakes in their credit agreements.

The company denies it is being investigated by the regulator and says it has had very positive results for customers.

Reporter Ruth Alexander explains the issues.

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Record compensation payout for IFA

The Financial Services Authority has ordered a national network of Independent Financial Advisers to pay a record compensation of between £5m and £7.5m to around 2000 people.

The FSA found that Park Row Associates, now owned by Royal Liver Assurance failed to ensure that proper advice was given on pensions, investments, annuities and mortgages.

All sales between June 2006 and January 2009 to 24,000 people are being examined.

Park Row customers with concerns can call a dedicated free phone number 0800 9709752 or email contact@parkrow.co.uk.

Customers via RSM Tenon can either contact their advisor or call 020 7535 1400 .

The programme hears from James Daley, editor of Which Money.

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Fairbanking

Banks, building societies and credit card companies which value people over profits are being highlighted in a new report.

Fairbanking is a charity which carries out research into how banks can boost the well-being of their customers.

It assessed the UK market to rate the products on offer and gave the highest rating to Saffron Building Society's Goal Saver account.

The programme hears from Antony Elliott Director of Fairbanking, Andrew Golding Chief Executive at Saffron Building Society and independent financial adviser Roddy Kohn of KohnCougar.

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Calls for tax simplification

We've looked at tax quite a lot over the last few weeks. And this week a report came out by a committee of MPs criticising the revenue for how it treated the nearly six million people over pension who pay tax.

It claims that around half a billion pounds is wrongly taken from them. And it calls for radical simplification of tax for older people and for more face to face advice - something the revenue is cutting back on to save money.

John Andrews of the Low Incomes Tax Reform Group gave evidence to the Committee.


Building societies

Another building society merger was announced this week. Skipton is to absorb the tiny Chesham society whose claim to fame - apart from having 3 branches - is that it is or was Britain's oldest society founded in 1845.

Although called a merger it was more of a rescue. Two other merging societies - Yorkshire and Chelsea - posted a combined loss of £40 million.

Others seem to be doing better but how secure are our building societies and what changes can we expect?

We speak to Adrian Coles Director-General of the Building Societies Association.

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BBC Radio 4's Money Box was broadcast on Saturday at 1204 GMT and repeated on Sunday at 2102 GMT.



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