Archive for category: News

Do the recent FCA findings on the sale of annuities reveal yet another shocking scandal of rip off pensioners?! Is this the next mis-selling scandal?

The Financial Conduct Authority (FCA) has the duty to promote competition in the interests of customers in the financial markets. One of the biggest financial investments anyone makes concerns pensions and annuities. The FCA has recently carried out a review of the market of pension annuities. Annuities make up a large proportion of the pension market. In 2012, 420,000 annuities were sold to a value of £14billion.

Most people purchase an annuity when they come to retirement (rather than the alternative of an income drawdown), but many chose to stick to their pension provider instead of shopping around. This means that annuity providers are benefitting by up to £230 million every year as 80% or people stick with the same company. Up to 20% more could be gained by shopping around.

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Fortune left to window cleaner　

At the High Court, Judge Murray Rosen QC heard how a family was left out of a 98 year old woman’s Will. The entire £300,000 estate was left to a window cleaner which resulted in her family challenging the Will.

Julie Spalding died in September 2008 and was described in Court as “spirited but stubborn”. Her previous Wills left most of her estate to her nephew, Cecil Bray, who had devoted a lot of his time to her and there was an understanding he would inherit her estate. However, since 2005 Mr Bray had stayed away from Mrs Spalding after she had “excommunicated Mr Bray from her life” following a personality change resulting from an accident. Mrs Spalding then changed her Will 3 times and ultimately left her estate to a sole beneficiary - the window cleaner, Mr Pearce.

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When is a gift not a gift? The sad tale of an heiress and a luxury car

It is often painful when a relationship ends, particularly when you feel you have invested a lot of time or indeed, in this case, money in that relationship. However, breakups seldom result in both parties finding themselves in court over a luxury car.

Take pity then on Tamara Ecclestone, who became embroiled in a high octane court case with her former partner, Omar Khyami, over the recovery of a Lamborghini, after the rather messy end to their relationship.

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Landlord and Tenant Disputes - Refunds of rent paid in advance for a period beyond the termination date

On 7th July 2011, the tenant (M&S) served notice on the landlords (BNP) to terminate their lease. In common with many commercial leases, the lease contained a ‘break clause’ allowing the tenant to terminate. The effect of the notice was to terminate the lease on 24th January 2012. On 19th July 2011, the landlords invoiced the tenant for a sum in respect of insurance for the property. The period of insurance was 1st July 2011 to 30th June 2012 i.e. beyond the termination date. On 2nd August 2011, the tenant paid the landlords the full sum.

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Unregistered Interests in Land

What can you do if you have an interest in land that is not registered? Alternatively, how do you oppose any claim of an interest made by another against your land?

A recent case of Nugent v Nugent (20 Dec 2013) provides an illustration of the difficulties the courts face balancing the respective interests of different parties.

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