J001010 - Lycetts Newsletter Jan 2024 LR - Flipbook - Page 18
R ESTOR I NG
OU R H E R I TAGE
Owners of listed properties will have been
watching with interest as the National Trust
grapples with the issue of what to do with
Clandon House, the impressive Grade 1 listed
Palladian mansion in Surrey which was
devastated by 昀椀re in 2015.
John Murphy
Divisional Director,
Newcastle
Nine years on, the fire-damaged structure still
stands in ruins, despite a reported £66 million
payout by insurers. Instead, the National Trust is
working on a new approach which shies away from
a full restoration.
Although work will go ahead to safeguard and
rebuild the external walls and windows using
heritage craftspeople (estimated to cost £20
million) this is likely to be the extent of the
reinstatement. Instead, proposals have been drawn
up for ‘a new chapter’ in the house’s history, giving
the building ‘a distinct purpose for the future’, as a
place to explore and admire the craft skills of those
who built Britain’s great houses.
The new approach will preserve the fire-damaged
structure and will use a series of suspended
walkways and platforms, events, displays and
activities to showcase the ‘power and poetic
beauty’ of the ruin and the impressive views of the
surrounding countryside.
Although there was a counter-resolution proposed
by Restore Trust at the November 2023 AGM to
reinstate the full interior and exterior of the
building, this was rejected by members, on the
recommendation of the National Trust leadership.
So, what does this mean for owners of listed
properties? It may be argued that it creates a
precedent of sorts but if a house is in private
hands, it is unlikely that an alternative style of
rebuild will be acceptable to insurers or local
planning authorities. It is a grey area, likely to
require case-by-case consideration and it is
important to discuss listed building cover options
with your broker.
CONSU M ER PROT EC T ION
On 31st July last year, the Financial Conduct
Authority (FCA) introduced new rules with the
intention of setting higher and clearer
standards around consumer protection across
the 昀椀nancial services industry as a whole.
William Nicholl
Client Director
18
Designed to meet concerns raised by consumer
groups, and to put all financial service providers on
an equal footing, the core principle of these new
rules is that all companies in the sector must act to
deliver good outcomes for retail customers, taking
all reasonable steps to avoid harm, to act in good
faith and to support clients in pursuit of their
financial objectives.
Key to this is accessible consumer support, clear
product information, the ability to switch and
cancel products easily, and provision of products
and services that are right for their clients. A
further stipulation is to focus on the diverse needs
of clients, in particular those in vulnerable
situations. Pricing of all products and services must
also represent fair value for the consumer.
In simple and practical terms this means that you,
as our clients, should receive communications in a
clearly understandable form, be offered products
and services that meet your needs at a fair value,
and receive the customer support you need as and
when you need it. At Lycetts we like to think that
this has always been the case. However, the same
cannot be said for the financial services industry in
general, hence the change.
