Sun Life of Canada is increasing the allocation rates on 10,000 unit-linked plans at a cost of £17.6m after it found that premiums were incorrectly calculated. The problem meant the plans may not have covered mortgage repayments on maturity.The policies were sold by Confederation Life between 1988 and 1994 before Sloc acquired the firm. The […]

Sainsbury is leading the list of new entrants in the savings market that have taken £6bn of deposits from high street banks and building societies.According to a Datamonitor survey new entrants have taken 1 per cent of total UK retail deposits as savers search for the best interest rates.The survey says that companies such as […]

HSBC Investment Bank has appointed Sir John Carter to its board to develop its growing insurance franchise.Sir John was chief executive of Commercial Union prior to its merger with General Accident.HSBC Investment Bank chairman Stephen Green says: &#34Sir John is a leading figure in the industry and his international experience, knowledge and contacts will help […]

Scottish Widows is launching a Consensus Mixed Assurance Fund investing in a portfolio of equities, gilts, fixed-interest stocks and cash. The fund will alter its weightings according to managed fund sector averages investing from a choice of five tracker funds. A Consensus Bond is available for lump sum investments offering a 1 per cent allocation […]