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Abbey axes annual bonuses

Abbey has admitted that no annual bonus will be paid for the with-profits policies of Abbey National Life, Scottish Mutual and Scottish Provident except where guaranteed rates of bonus apply. Terminal bonus rates will also be reduced for unitised and traditional with-profits policies from March 2004. Abbey says the stockmarket recovery has been too short and insufficient in scale to make up the shortfall from the previous three years.

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Liverpool Vic says realistic regime will not hit capital

Liverpool Victoria has trimmed with-profits policy bonus rates but claims its financial strength holds strong, with the FSA&#39s realistic reporting regime not expected to have any negative effects on its capital position. Cuts to annual bonus rates range from 0.2 per cent to 0.35 per cent, with final bonuses dropping by between 5.1 per cent […]

Gasparro joins Threadneedle

Former Schroders retail chief David Gasparro has joined rival Threadneedle to co-ordinate the group&#39s retail strategy for the UK and Europe. Gasparro, who left his role as head of investment products last September, becomes head of retail responsible for overseeing growth in areas including France and Switzerland, where Threadneedle has recently launched businesses. He will […]

ScotLife produces a strength guide in bid to reassure IFAs

Royal London chief executive Mike Yardley is writing to IFAs to say he has no reason to believe any of the problems identified in Standard Life will affect Royal London or its subsidiary Scottish Life. ScotLife is publishing a guide to financial strength for plcs and mutuals, which is available through its sales consultants. It […]

Who is policing policy changes?

It was interesting to read in Product Matters about Norwich Union&#39s commitment to with-profits (Money Marketing, February 19). The strange thing is that it does not offer a with-profits contract any more. You can call a bed a chair because you can sit on it but the other way round it becomes a very restless […]

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