Advisers look for strength in numbers
Article Abstract:
DBS Management has a network of almost 1,000 firms of independent financial advisers, these members trading under their own names, many from home, leading to the company's low profile. The total commission income of the group has increased to around 35 million pounds sterling a year and profit in the first half of the financial year to Apr 1993 was one million pounds sterling. Around 12% of the 20,700 registered advisers now work for three groups, these being DBS, Countrywide and Burns-Anderson, the latter two with 330 and 140 firms and 761 and 419 advisers respectively. Such large organisations can negotiate better commissions from life insurance companies.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1993
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GRE counts the cost of funding one man's empire
Article Abstract:
Vinodchandra Manubhai Patel and his company Unique Insurance Services was an agent of insurance group Guardian Royal Exchange (GRE), and following the crash of his firm in the summer of 1991 he owed GRE up to 80 million pounds sterling plus unknown interest. Mr Patel was on excellent terms with the top management of GRE and it appears they were persuading him to borrow ridiculous sums of money. His investments were sold off by liquidators and he ended owing GRE seven million pounds sterling from his own borrowings. To be added to this is lending to his clients totalling around 60 million pounds sterling.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1993
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Key issues remain cloudy in crisis at Harland Simon
Article Abstract:
Control systems group Harland Simon called in the receivers in Oct 1992. Price Waterhouse reported on cash given to former managing director of Harland John Redshaw. They discovered that Perfect Information was not counted as a group member, so boosting Harland profits. Liechtenstein trust Sandford Etablissement, which had shares in Perfect, was organised by Harland. This information should have been given to shareholders.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1992
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