CGU has taken control of Irish insurance company Hibernian Group. The life office already had a 28 per cent stake in the firm but has now raised this to 53 per cent. CGU values Hibernian at £336m. CGU says the deal: “should enhance significantly the position of the combined group in the life and savings and general insurance markets in Ireland.”
IFAs are still promoting endowment mortgages even though the Government has warned they should only be sold in exceptional circumstances, according to the Guardian.Major mortgage companies have been advising first-time homebuyers endowments are more flexible and portable than repayment mortgages, according to its research.The Association of British Insurers believes charges on 75 per cent of […]
Thousands of homeowners could be entitled to compensation because of mortgage mis-selling, according to the Personal Investment Authority.PIA ombudsman Tony Holland said endowment mortgages were riskier than capital repayment mortgages, and it was essential that the risk was explained to borrowers.High commission payments have been blamed for fuelling much of the problem, which could leave […]
Mazars Neville Russell has highlighted a loophole which could lead to executive pension scheme trustees unwittingly falling foul of the law.The consultancy points out there is an opt-out clause which exempts some small-self administered schemes from appointing auditors and producing audited financial statements within a set time.But the Occupational Pensions Regulatory Authority says the exemption […]
The Rechabite Friendly Society is launching a five year single premium savings plan aimed at teetotallers.The plan guarantees to pay non-drinkers a guaranteed bonus of 7 per cent in the first year, for a minimum investment of £1,000.The traditional with-profits savings plan is available to December 31, to individuals who abstain from alcohol.Rechabite chief executive […]
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