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FCA fines Merrill Lynch International £13m over transaction reporting

The FCA has fined Merrill Lynch International £13.3m for transaction reporting failures. The regulator says MLI incorrectly reported over 35 million transactions, and failed to report a further 121,387 transactions between November 2007 and November 2014. The fine is the highest ever imposed by the regulator for transaction reporting failures. The FCA says the size […]

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Zurich transfers annuity book to Rothesay Life

Zurich UK Life is to transfer its legacy portfolio of £1.2bn of annuities to specialist insurer Rothesay Life for an undisclosed fee. Under part seven transfer rules the transfer, of around 28,000 policies, is subject to a review process by regulators and courts before it can complete. Zurich has not actively promoted annuity sales since […]

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Pensions minister Ros Altmann lays out priorities

New pensions minister Ros Altmann has outlined her priorities in her first public statement since entering Government. Altmann says her key focuses will be the state pension, auto-enrolment and safeguarding pension freedoms. She says: “As our population ages, it is more important than ever to help, encourage and empower people to plan and prepare for […]

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Labour leader Ed Miliband resigns

Ed Miliband has resigned as Labour leader, effective following today’s VE day commemorations, after the party was hammered in the general election. Miliband’s party lost out heavily last night, retaining just a single seat in Scotland, while shadow chancellor Ed Balls lost his seat in Morley and Outwood. In a speech today, Miliband said Labour deputy […]

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