news in brief

• Torquil Clark founder Don Clark has stepped back from his managing director position to focus on h...

• Torquil Clark founder Don Clark has stepped back from his managing director position to focus on his Word of Mouth film company. Clark will remain chairman of the adviser firm he launched in 1990, with financial director John Chapman promoted to the managing director role. • The Financial Services & Markets Tribunal has ruled that L&G mis-sold its Flexible Mortgage Plans to some investors in the late 1990s. The FSA had fined the life assurer £1.1m for its sales of the product to 41,000 low risk customers between 1997 and 1999. The tribunal agreed with the regulator that defective proc...