Summary
The Herald reported (June 12) on the investment of pounds13million by Plymouth City Council in Icelandic banks following the advice of Sector (Treasury Services). Whether this money will be recovered remains to be seen.
It is interesting that Sector Treasury Systems, a wholly-owned subsidiary of Capita, an outsourcing IT company, apparently gave advice to 250 local authorities. Whilst one assumes the city council acted in good faith and with due diligence in the matter of investment, should we be asking treasury management companies like Sector whether they, or any parent company, has accepted commissions from any financial institutions (including Icelandic Banks) resulting from their dealings with local authorities?See the full content of this document
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Money Advice
Should we also be aski...
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