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Abbey sets aside £373m to meet solvency rules

Abbey set aside £373m last year so Scottish Mutual and Scottish Provident can meet the FSA&#39s yet to be published solvency regulations for life companies, with overall losses of £686m compared with £947m in 2002.

Abbey says the solvency regime will have a negative affect on its life companies and admits it is possible that additional capital will need to be injected once the FSA makes its final position clear although it says this would be modest in the context of the cash injections made in the last two years.

Net new mortgage lending for Abbey rose by 40 per cent to £9.4bn from £6.7bn, making a market share of 9.9 per cent. Investment product sales fell by 43 per cent to £184m from £322m but protection sales rose by 12 per cent to £125m from £112m.

Chief executive Luqman Arnold says: “Given the upheaval that the business has had to cope with, the trading results reported today are resilient and encouraging for the future.”


BBB winds up national shell and leaves liabilities with compensation scheme

Berkeley Berry Birch is winding up the shell of its national IFA firm and dumping its liabilities on to the Financial Services Compensation Scheme in a corporate reorganisation. The move has provoked uproar among the IFA community who say BBB is offloading liabilities which will have to be picked up by other IFAs through the […]

B&B chief executive Rodrigues resigns

Bradford & Bingley group chief executive Christopher Rodrigues has resigned to take up a position as president and chief executive of Visa International in San Fransisco. He will be replaced by Stephen Crawshaw, currently in charge of the group&#39s core lending and savings business. Crawshaw says: “I am clear about our priorities in both the […]

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 […]

CPG advisers leave after admin move

The advisers of high-net-worth IFA Corporate Planning Group, the Fareham firm that was placed into administration last week, will not be sold en bloc says administrator Tenon Recovery. Tenon says the firm&#39s 82 RIs are leaving the firm to pursue their own business interests.


Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.


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