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12% MVA as bonuses cut

Sun Alliance & London, the subsidiary of Royal & Sun Alliance facing rocketing guaranteed annuity liabilities, has slashed terminal bonuses for the second time this year.

Maturity payouts on with-profits policies will be cut by up to 5 per cent although it expects an average 3 per cent cut.

Money Marketing recently revealed R&SA&#39s guaranteed annuity liabilities have risen to £1.5bn, with liabilities for its SA&L fund doubling to £1.1bn in its 2000 Treasury returns.

The R&SA move comes as Equitable Life has raised its MVA from 7.5 per cent to 10 per cent on all non-contractual surrenders because of falling markets. The MVA was reduced from 15 per cent to 7.5 per cent in July when 16 per cent cuts were made to terminal bonuses.


Asian markets volatile ahead of New York opening

The Nikkei 225 index closed down 5.05 per cent at 9504 today, a 17 year low, as markets showed nervousness ahead of today&#39s opening of the New York Stock Exchange.The NYSE will open at 2.30pm UK time, and analysts are expecting an initial fall, possibly as far as the 10 per cent fall in European […]

IFA fined for pensions review failings

The PIA has fined IFA EIC Investment Services Limited of Marchmont House, 83-85 Marlowes, Hemel Hempstead, Hertfordshire £10,000 for pensions review failings. The firm has also been ordered to pay the regulator&#39s costs of £2,126. A visit by the PIA in May 1999 identified a series of regulatory failings including not completing corrective action promptly, […]

Old Mutual appoints new fund head

Old Mutual Asset Managers has appointed a new sales manager and made two promotions within its expanding national and regional sales teams.Sally Reeves has been appointed as the new national and networks sales manager. She joins from the Berkeley IFA Network where she has been in charge of corporate development for two years.Matthew Nagele has […]

MCCB bids to close broker fee loophole

Many mortgage brokers are resorting to underhand tactics in a bid to dodge Consumer Credit Act rules which force them to refund fees, says the Mortgage Code Compliance Board.The MCCB says it has found a number of mortgage intermediaries flouting CCA legislation by issuing borrowers with unofficial documentation which states that fees will not be […]


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