Bradford & Bingley is searching for a new finance director following the surprise announcement that current incumbent John Smith is retiring. Smith, 53, has rocked the society, which is in the middle of a conversion attempt, with his decision to take early retirement. He has been finance director for 10 years and has agreed to stay on until the society finds a replacement.
The Inland Revenue is cracking down on loanbacks by bringing in tough new guidelines which must be met before life offices can lend to firms.Loanbacks allow clients to take out loans using their pension policy as security.The Revenue says it will start policing loanbacks by forcing life offices to prove a loan is judicious from […]
West Bromwich Building Society is launching a three-year fixed rate bond which pays up to 6.8 per cent gross.The Guaranteed Monthly Income Account is fixed until 30 November 2002 with monthly and annual interest options paying 6.6 per cent and 6.8 per cent respectively.The minimum balance is £10,000 but existing “Privileged Members” can open an […]
Consultancy PriceWaterhouseCoopers says pension schemes are going through their biggest reorganisation for twenty years with a third having moved to market values when calculating liabilities.The survey shows there has been a strong move away from discounting the expected future share dividends with almost all schemes considering a move to market values.But the survey shows there […]
Pensions specialist Friends Provident plans to invest 1 per cent of its assets in private equity.The life office has passed responsibility for the investment to fund management subsidiary Friends Ivory & Sime.Friends Provident's life fund has assets of £17bn which means a total of £170m will be invested.The move follows a call by Prime Minister […]
In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]
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Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]
National advice firm Foster Denovo has acquired employee benefits consultancy TEBC. The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight. Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing. Chief executive Roger Brosch […]