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Article: Bad advice costs HHG $100m.(HHG PLC)(Brief Article)
- Article from:
- Australasian Business Intelligence
- Article date:
- March 24, 2005
- Author:
CopyrightCOPYRIGHT 2005 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mar 23, 2005 (The Sydney Morning Herald - ABIX via COMTEX)
HHG is a financial services group, based in the UK. It was spun off from the large Australian financial services group, AMP. HHG has had to put aside some Stg43 million ($A104 million) to meet possible legal claims. These could stem from poor advice allegedly given to some customers by the financial planning business, Towry Law. HHG reported a net profit of Stg38 million in the year to 31 December 2004. It is now seeking regulatory approval to sell its life insurance division to the British businessman, Hugh Osmond, for Stg1.07 billion. If the sale proceeds, HHG will then be renamed Henderson Group and ...