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Cofunds Hamper Compensation & Woodfood the Punching bag of the Press

Hello and welcome to the June edition of the Priscum newsletter. Cofunds apologises for IT issues with hamper

Note hamper is not the one offered by Cofunds But I like Grasmere Gingerbread so they deserve some more business. Click on the picture to buy the tastiest Gingerbread ever.

A Cofunds client has been sent a hamper after claiming the provider's botched re-platforming exercise had led to a potential investment loss of £25,000. Cofunds accepted there had been errors and sent Mr B a hamper, which it said was worth £125.50, to apologise. It later offered £100 compensation but Mr B turned this down and instead complained to the Fos. The Ombudsman agreed that the £200 proposed by the adjudicator and the hamper Cofunds had previously sent were reasonable compensation for the IT errors. The Fos upheld Mr B’s complaint in part and ordered Cofunds to pay him £200.

Also, in today’s newsletter separate from my section on Woodford Funds, is an interesting article about how it leaves the Broader Sector exposed. I have also collected several other articles about Poor Mr Woodford into a separate document. The trade Press have been particularly ruthless in the amount of articles they have published.

The FCA have also been busy this month they have had extended policy statements recently, so they also are on an extra sheet. There is also a update on Suitability reports that is very useful. We have also decided on the date of our next seminar it will be on the 11th of September probably at the Old Coventarians but that is still to be confirmed. This will involve lots of compliance issues including the forthcoming Senior managers regime.

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