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ABI issues explanatory memorandum

The Association of British Insurers has issued an &#39explanatory memorandum&#39 clarifying what constitutes best advice, following the PIA&#39s personal pensions regulatory update.

The guidance is designed to help insurance companies and IFAs meet customer needs whilst meeting the regulator&#39s requirements.

It offers advice on the implications of the PIA&#39s regulatory update for the self-employed, increases to existing personal pension plans and for direct advertising.


Cheltenham & Gloucester cuts rate by 0.14 per cent

Cheltenham & Gloucester has cut its base rate by 0.14 per cent bringing its base rate to 6.85 per cent. The new rate is effective from 16 April.C&G managing director Roger Burden says: “In passing on a rate reduction of 0.14 per cent to our borrowers, C&G has maintained its commitment to home ownership but […]

Friends Provident announce dramatic rise in new business

Friends Provident has reported a dramatic £333m increase in new business.First quarter results to March 31, 1999 show a 125 per cent increase to £600m from £267m for the same period of 1998.Single premium business brought the greatest rise of 139 per cent to £561m from £235m for last year, while annual business grew 22 […]

Cat among the pigeons

I currently save for retirement with a personal pension plan. However, I understand that, in April 2001, the Government is introducing a new plan called the stakeholder and that this will be cheaper and better than a personal pension.My concern is that, if I transfer my personal pension into the new stakeholder plan, it will […]

Newton Foundation and income funds to merge

Newton Fund Managers is to merge two of its unit trusts.The Foundation fund, which is only about £25.4m in size, will be merged into the £603m income fund.Foundation will cease to be available at the end of business on March 31, and all assets will be transferred into the Income Fund. The final Foundation fund […]


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