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ABI chooses new chairman

The ABI has elected Scottish Widows chief executive Mike Ross as chairman at its annual general meeting, succeeding CGNU group chief executive Bob Scott.

Friends Provident chief executive Keith Satchell becomes a new deputy chairman of the ABI and will also chair the ABI&#39s life insurance council management committee. Direct Line executive chairman Ian Chippendale continues as a deputy chairman.

Ross says: “The Association has a vital role to play, particularly in leading the way through a period of further review and reform.”


Friends closes up on first day

Shares closed in Friends Provident after its first day of trading on Monday at 240p, up 15p from its offer price of 225p and surprising some of the gloomy predictions in the city. This gives the newly listed life office a market capitalisation of £3.9bn. Following the listing this week, Standard & Poor’s has upgraded […]

Royal & Sun Alliance Luxembourg appoints funds sales manager

Royal and Sun Alliance Investments Luxembourg is appointing Shamik Cholera as retail and institutional funds sales manager for Switzerland as part of its expansion into the European market. Shamik joins from Barclays International Funds Group, where he was offshore sales manager, responsible for marketing products in Switzerland and Luxembourg.Shamik, who will report to sales director […]

Ill-gotten gains

At age 54, I have accumulated over £290,000 in various pension funds.My plan is to take early retirement and possibly continue with someconsultancy work. I quite like the thought of taking tax-free cash now but will need only a modest level of income in the short term. I take an active interest in investments and […]

Towry Law leaves a sad legacy to the industry

As a former employee and director of the Towry Law Group for over 16years,I am saddened by the fact that the legacy being left to the financialservices industry by Towry Law would appear to be a misselling liability of£30m, which will have to be picked up by other IFAs, including myself,via the Investors&#39 Compensation Scheme. […]


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