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Britannic set for WP clarity show

The newly rebranded Britannic Group is considering issuing all its with-profits policyholders with annual statements clearly stating investment returns and charges.

The move follows last week&#39s launch of Britannic Retirement Solutions&#39 with-profits annuity and deals with criticism over the product&#39s lack of clarity.

The annuity gives policyholders an annual statement outlining how the fund performed, what proportion is held back for smoothing and what amount is deducted for charges. The fund will be aud ited by an independent actuary to double-check.

Britannic Group corporate strategy man ager Richard Goyder says: “There is a shift for all financial products to move to greater transparency and with-profits has suffered most from its complexity in spite of the rewards. It is fairly obvious for us to consider extending the transparency of the with-profits annuity to all Britannic Group&#39s with-profits products.”


Axa launches three new equity funds

Axa is launching three new aggressively managed equity funds as part of its attempt to become a top-five provider in the retail mutual funds market. The Oeic based funds will also be available as Isas. The funds are UK opportunities, world opportunities and European opportunities. AXA Fund Managers investment marketing head Mick Stirrup says: “The […]

Two life offices fined £350,000 by PIA

United Friendly Insurance and Refuge Assurance have each been fined £350,000 by the PIA for endowment breaches. The fines relate to a number of failings dealing with sales of with-profits endowments savings policies. The regulator found they were not taking into account of the customer&#39s stated savings objectives, did not ensure the contract was affordable […]

Loophole opens way to Equitable exodus

IFA sources reckon the troubled life office has been inundated with transfer req uests from up to 9,000 policy holders and more than 25,000 transfer enquiries. Life office analyst Ned Cazalet says there is no quick solution for Equitable despite efforts by action groups to engineer an agreement to stop the outflow of business. Pension […]

Lloyds TSB staff back Abbey merger

Lloyds TSB&#39s staff union has backed its proposed takeover of Abbey National subject to a guarantee on retention of their jobs. The Lloyds TSB union has written to the Office of Fair Trading saying it supports the takeover. In its internal newsletter, the union&#39s general secretary Ian Partridge says: “With high levels of natural wastage […]


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