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Article: BBB waits for clients' identity.
- Article from:
- Money Management
- Article date:
- July 1, 2004
CopyrightCOPYRIGHT 2004 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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41,000 former clients of Berry Birch & Noble Financial Services (BBNFS) will soon discover whether their financial products have been ring-fenced within the liquidated company.
BBNFS was put into liquidation by parent company Berkeley Berry Birch (BBB) on 26 February because executives wanted to cap any potential mis-selling claims. BBB had already spent AGBP10m paying compensation to personal pension and mortgage endowment complainants. As a quoted company, BBB had to put a limit on BBNFS's mis-selling liabilities to guarantee that there would be no more bad news, such as another FSA product review, that would surprise shareholders.
Former BBNFS clients ...