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Aon urges pensions funds to heed the single currency

Aon Consulting is urging UK pension schemes to start preparing for the launch of the euro in January next year.

It says the initial impact of EMU will be on investment administration, because all trading, settlement and pricing of EMU bloc securities will be conducted in euros.

This will require redenomination of large numbers of securities, new bank accounts and significant changes to fund manager and custodian computer systems.

Aon Consulting investment specialist Claire Lumsdaine says: &#34Schemes may also need to make minor changes to their strategic asset allocation policy to reflect the disappearance of exchange rate risk in the EMU bloc.&#34


Standard Life angers Tep providers by voicing projection doubts

Standard Life has angered Tep providers with accusations that they are providing consumers with unrealistically high projections for maturity values.The life office says it is concerned there is no regulation to ensure market makers use a standardised formula for calculating projection rates.Standard Life marketing manager Andrew Black says: &#34We would like the PIA to impose […]

Fraud pushes up insurance bills by £1 a week

Fraudsters are pushing the cost of the average household insurance policy up by almost £1 a week, according to a survey by the Association of British Insurers.The association estimates the cost of fraud was up 8 per cent to £645m for 1998 from £597m last year. As a percentage of premiums fraud increased to 3.7 […]

The Exchange launches MoneyeXtra

The Exchange and Microsoft are launching a free internet-based personal finance service which they say will help consumers make better financial decisions.MoneyeXtra is accessible to anyone with internet access and is aiming to educate consumers and enhance their understanding of financial products.The Exchange says the service will allow consumers to compare products and personalise searches […]

Nationwide leads way on cheaper mortgage products

Nationwide is launching three-year and five-year fixed-rate mortgages at 5.49 per cent and 5.79 per cent respectively.Both products offer 90 per cent loan to value and have an introduction fee of £295.Both Portman Building Society and Private Label are following Nationwide&#39s lead.Private Label is introducing two-year, four-year, five-year and seven-year fixed-rate mortgages at 6.25 per […]

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]


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