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Axa axes MVRs and boosts bonuses

Axa has removed market value reductions on with-profits bonds and raised bonus rates by 1.5 per cent for many of the 1.3 million customers in the Axa Sun Life and Sun Life Assurance Society with-profits funds.

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Prestbury sees first profit as it eyes more acquisitions

Prestbury has reported its first operating profit and says it is on the lookout for further acquisitions.The firm made a profit of £441,000 in the 12 months to October 31, 2006 compared with a £505,328 loss in 2005. Turnover increased by 24 per cent from £8.2m to £10.2m.Chief executive Lee Birkett puts the results down […]

Bank of Scotland in BTL drive

Bank of Scotland is gearing up for a major buy-to-let offensive as part of a push by the HBOS group.The total BTL portfolio lending limit across the HBOS brands has been increased from £5m to £10m although it is likely to have a greater impact on BoS’s traditional high-net-worth clients.The BoS rental calculation has also […]

Standard accused of hypocrisy on MVRs

Standard Life has been accused of hypocrisy and not treating its customers fairly by running seminars on alternatives to with-profits funds despite still applying high market value reductions on some of its policies.Buckles Investment Services director Steve Daborn says many customers are trapped in with-profits funds because of the MVRs and that other providers offer […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.

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