School fee specialist suspended by Fimbra
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Claremont Savile, a firm of financial advisers that specialised in school fees plans, has been suspended by Fimbra, the regulator.
Fimbra said it appeared that the firm did not have adequate resources to meet its liabilities.
Claremont Savile devised a way for parents to release equity in their homes and use the money to pay school fees.
The scheme, launched in 1983 in conjunction with National Westminster Bank, was endorsed by Isis, the Independent Schools Information Service.
NatWest stopped dealing with Claremont Savile in May 1992.
Isis severed its relationship about a month ago. An Isis spokesman said: "It was as a result of increasing concern over adequate controls over branches around the country. It had established franchises in 1992 and there seems to have been a loss of central control.''
The firm advertised in the Isis handbook and it is one of the creditors. Isis said that once customers had been introduced to a lender by Claremont Savile they would then have a relationship with the lender and Claremont Savile would no longer be involved.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments