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Biggest fine as PIA finally tackles Pru

The pension review has caught up with Prudential, with the PIA imposing its biggest review fine yet of £650,000 on the company for review failings.

Pru notoriously escaped a fine for pension misselling by remaining directly regulated by SIB until April 1998. SIB did not have powers to levy fines.

Pru has reviewed 153,000 cases and still has 152,000 cases to examine. It has set aside £1.5bn to meet the costs.

Compensation payments were delayed, complaints were left unanswered and gaping holes in records were discovered by the PIA&#39s inspection.

Pru says it accepts the findings and is confident it will meet the deadline for completing phase two by June 2002.

Torquil Clark pensions development manager Tom McPhail says: “There will be a sense in the industry that Pru had this coming. It was fined because it failed to measure up to standards set for it.”


Protected bond pledges 22% return

Skipton Building Society is launching a five-year guaranteed growth bond which offers the potential for 50 per cent growth with no risk to capital.The bond tracks the FTSE 100, S&P 500 and the Eurostoxx 50 indices over a five-year period.It guarantees minimum growth of at least 22 per cent of the initial investment over the […]

Pink Home Loans – The Chameleon Mortgage 80 Per Cent

Friday, November 2, 2001.Type: Tracker mortgage.Tracker term: Term of loan.Tracker rate: Bank of England base rate plus 4.25 per cent.Minimum loan: £25,001.Maximum loan: Up to 80 per cent of valuation subject to a maximumof £1m.Income multiples: 3.5 times principal income plus second or threetimes joint.Arrangement fee: £395.Redemption fee: 6 per cent of amount repaid in […]

Scot Life introduces mortgage tracker service

Scottish Life has launched a new mortgage tracking service for introducers which provides up-to-date information on submitted applications online.Mortgage Tracker gives introduces a caseload summary and status details of each case. The service shows references, valuation details, outstanding requirements and current status. It is available on ScotLife’s mortgage website.

Actuaries call for carry-forward to stay

Actuaries are calling on the Government to reverse the withdrawal of carry-forward as part of proposals designed to improve the returns from personal pensions for low-income savers. The suggestion is contained in a paper presented to the Institute of Actuaries this week which aims to show how a reinstated carry-forward period of 25 years would […]


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