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Bidders could get more time on RBS insurance

Royal Bank of Scotland is thought to have extended the deadline for bids to buy its insurance business into June at the request of suitors.

Press reports claimed that the deadline for offers was initially last Wednesday but has now been extended to allow bidders more time.

RBS declined to confirm whether or not this was the case or reveal how many bids it has received so far.

Analysts have put a price tag of between £5bn and £7bn on the insurance business, which includes the Direct Line and Churchill brands. RBS revealed that it was putting this division up for sale at its AGM in April at the same time as it unveiled its £12bn rights issue.

Zurich Financial Services is tipped to be the frontrunner in the race, although it declined to comment on whether or not it would be making a bid. American Insurance Group, Chinese firm Ping An Insurance, Italian insurer Assicurazioni Generali and Warren Buffett’s Berkshire Hathaway were all at one stage thought to be interested in buying the UK insurance business but are now believed to have pulled out of the race.

US insurers Travellers and Allstate may still be in the running.


World view

It would seem that the expanding fund universe should offer plenty of choice for advisers. However, the fund universe isn’t really growing, at least not as much as one would expect, considering that there have been nearly 500 launches in the past five years. Numerous closures have kept the overall number of funds fairly consistent for much of the past decade.

Altmann challenges Turner on pensions

Former Downing Street pension adviser Dr Ros Altmann is calling on Lord Adair Turner to stand up to the Government on personal accounts in his new role as FSA chairman.

Domestic affairs

The Adviser Fund Index questionnaire for April shows that the panellists believe the UK is going to do relatively better than the US and Japan over the next 12 months.

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


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