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£118bn liabilities in closed companies – KPMG

Run-off cover of closed books made up 14 per cent of liabilities of all UK life insurers in 2002 up from 8 per cent in 2001 according to a survey by KPMG LLP (UK).

The research shows UK life insurers that had closed to new business had £118bn in liabilities in run-off at the end of 2002.

KPMG says because the figures do not include data from life insurers that have closed only part of their business the overall industry-wide figure will be much higher.


Ongoing advice pays off with profit boost

Advisory firms with business models based on ongoing holistic advice are far more profitable than those with transactional structures, according to research conducted by Pivotal for Sofa. The survey of 45 Sofa members looked into the differences between firms generating healthy profits and those with average profitability. Most of the successful firms – which earn […]

L&G provide late ISA application service

Legal & General put arrangements in place to accept applications for the 2003/ 2004 tax year up until midnight on 5 April to help investors who leave making their ISA investment to the last minute. Customers are able to use L&G&#39s telephone dealing service on Freephone 0800 092 0092, which on Monday 5 April will […]

Pensions cap concession not enough – Mellon

Despite the Chancellor&#39s move to appease the industry by raising the pensions cap from £1.4m to £1.5m financial services provider Mellon Financial Corporation&#39s human resources & investor solutions group believes the cap will still have a detrimental effect on middle management. Mellon HR& IS head of technical services Kevin LeGrand believes that Brown&#39s move to […]

Advisers back shift to culture of advice first, commission second

IFAs say they support the Treasury select committee&#39s criticism of the current remuneration structure in the long-term savings industry and agree that a cultural shift towards advice first and commission second is needed. John Scott & Partners investment manager Patrick Connolly says he believes any advice that can be biased by commission is detrimental to […]


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