Britannic Retirement Solutions is launching a purchased life annuity paying enhanced rates to people with qualifying lifestyles or medical conditions. Research carried out for Britannic Retirement Solutions shows the purchased life annuity market has grown 23 per cent to £207m in the first three quarters of 2002 from £168m in the first three quarters of 2001.
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Shell shock
Schroders director Robin Stoakley received a shock at work last week when his wife rang to say that he couldn't come home because an unexploded World War Two bomb had been found in the garden.Workmen discovered the 60-year-old German bomb while laying a new drive at Stoakley Towers. Neighbours had to evacuate a 100m exclusion […]
CML sad to see Davies go
On the departure of Howard Davies from the FSA next September the Council of Mortgage Lenders communications manager Bernard Clarke says: “Howard Davies has helped the FSA to steer a proper course in implementing the Treasury's proposals for the statutory regulation of the mortgage market. “He has reinforced his reputation as a witty and entertaining […]
Options on endowments
It would appear that mortgage endowment policyholders have several options open to them to address any projected potential shortfall in their plan's targeted maturity value:•Increase their endowment's premium.•Convert all or part of their loan to a capital and interest basis.•Make separate alternative provision for any anticipated shortfall.•Do nothing.•Complain, alleging that they were missold the endowment […]
Britannic picks chief operating officer
Britannic Asset Management has appointed Gavin Stewart as chief operating officer. He will take up the role in January and will be responsible for finance, legal, IT, corporate development, investment trusts and product development. Stewart was formerly group development director at Aegon and marketing director at Scottish Amicable.
Auto-enrolment compliance figures…
At the end of July, the Pensions Regulator issued its quarterly update on auto-enrolment (AE) compliance by employers in the UK. The full report can be seen under the quarterly bulletins section here.
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Succession gets back on IFA acquisition trail with two deals
National consolidator Succession has acquired Inverness-based MacKenzie Investments, co-directed by former Institute of Financial Planning director Phil Billingham. It has also purchased Cheltenham IFA Warwick Butchart Associates. Both firms were acquired in August and brought a combined £350m of assets under advice to Succession. Chartered financial planner McKenzie Investments has four planners including one trainee […]
Sipp provider to pay out over non-standard investments
The Financial Ombudsman Service has ruled in favour of five individuals who lost nearly £100,000 after transferring their pensions into non-standard investments using Sipps. In June, law firm Anthony Philip James & Co issued five cases against Sipp administrator Guinness Mahon Trust Corporation over allegations it worked with unregulated introducers to facilitate non-standard investments. In […]
Editor’s note: Why an all-passive world will never materialise
Passive investing now accounts for nearly half of all global assets under management. Fifteen years ago, that was close to zero. It’s clear where the flows have come from as well: out of active funds, as we have become accustomed to keeping a closer eye on value for money from those we trust with our […]
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