Sam Brodbeck

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Rory Percival quits the FCA

Rory Percival, a technical specialist at the FCA, is leaving the regulator after 10 years. Percival joined the FSA in 2006, a month after the announcement of RDR, then moving to the FCA when it was formed. He has worked on various aspects of the regulator’s work, including RDR, CIPs, risk profiling and platform use by […]

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Former Money Marketing journalist passes away

Nicola York, the former deputy features editor and news reporter for Money Marketing has died. She was 34. Nicola was diagnosed with bowel cancer last October and died peacefully in the early hours of Wednesday 3rd August surrounded by her family. In nearly five years at Money Marketing, Nicola wrote features before moving to cover […]

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Govt’s secondary annuities chief exits for Brexit department

The head of the Government’s team working on the development of the secondary annuity market is to join the Department for Exiting the EU. Catherine Zeng led secondary market for annuities unit within the Treasury. She will be replaced by Jen Leverton. From April 2017 consumers will be able to sell on their annuities. However, […]

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Transgender pensions case moves to EU court

A transgender woman who was refused access to the state pension at the retirement age for women is having her case heard by EU judges. The UK Supreme Court has looked at case of 68-year-old MB, who transitioned from male to female, and blocked her entitlement to a pension at 60, the BBC reports. UK […]

James Dowling

Hammond must learn from Osborne’s botched financial services messaging

George Osborne’s announcement of the pensions freedom reforms was notable for its clear failure convincingly to address the advice gap issue until too late. The Budget 2014 ‘guidance’ announcement was a clear afterthought, and the messaging was extremely confused, with the Chancellor seemingly using the terms ‘advice’ and ‘guidance’ interchangeably. As the Financial Advice Market […]

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Platforum: Cofunds deal is shrewd but Aegon has to win over advisers

After a prolonged period of uncertainty, Aegon’s acquisition of Cofunds is good news for Cofunds users and good news for the industry. Whilst the sale of Cofunds for £140m represents a £65m net loss for Legal & General, it is in line with L&G’s stated strategic intent to focus on its corporate assets. Some might […]

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Aegon confirms £140m deal for Cofunds

Aegon is to buy L&G-owned platform Cofunds for £140m, becoming the biggest platform provider in the UK. Money Marketing first revealed Aegon had made a verbal agreement to acquire Cofunds in February. The deal, announced this morning in Aegon’s results, ends months of speculation and will create a platform with assets under administration of around […]

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Aviva refuses to back down over rivals’ critical illness concerns

Aviva is refuting claims from rival insurers its new protection products conflict with HMRC rules. In February Money Marketing revealed L&G and Royal London’s concerns over two new products on the Aviva Life Protection Solutions platform including a “market first” relevant life insurance with the option to add critical illness cover. Now Royal London and […]

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Pru’s UK profits rise after quiting annuity market

Prudential UK’s profits rose 8 per cent in the first half of 2016 following its decision to exit the annuity market because of stringent capital requirements. Results published today show operating profits in the life business increased to £473m, up from £436m in the same period last year. Pru says “management actions to support solvency” […]

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Enhanced annuity sales plummet while unit-linked guarantees rise

Sales of enhanced annuities have plunged in the first three months of 2016, according to data from consultancy Willis Towers Watson. Q1 figures show sales of £254.2m, down from £357.4m in Q4 2015 and £290.8m in Q3 2015. However, new unit-linked guarantee premiums has risen over the same period. The value of premiums rose 17 […]

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Gay couple lose court battle over equal pension rights

The Court of Appeal has rejected an appeal that would have seen a gay man given the same pension rights as a wife. John Walker retired in 2003, before the introduction of gay civil partnerships, on a pension worth around £85,000 a year from chemical firm Innospec, the BBC reports. He entered a civil partnership […]