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CGU to make greater merger savings

CGU expects the cost savings made from its merger last year to increase to £325m by 2000 according to the Financial Times.

The company initially estimated annualised cost savings from the merger of General Accident and Commercial Union to be £270m.

The estimate increased substantially reflecting additional savings made in its UK general insurance arm and from savings on premises and information technology.

But CGU says the fundamental nature of its job cutting exercise will not change. It is aiming to cut 6,000 staff and says it is two thirds of the way to achieving this target.


Scottish Friendly launches Isa to IFA market

Scottish Friendly Assurance is launching its Isa range into the IFA market.The friendly society is targeting 7,800 IFAs with a mailing providing details of its three products.The society&#39s Isa was launched to its existing customers in June. Its maxi version consists of equity, cash and insurance components.Its mini-Isas are only available on an equity or […]

PIA paid-up pension move may cost millions

Life offices face losing millions of pounds as the PIA forces them to slash charges to fit new paid up pension guidelines.The regulator will now require life offices to cut charges to ensure those with paid up personal pensions are not penalised because they have not transferred to a stakeholder plan.It has just endorsed ABI […]

Isa confusion still rife

Isa confusion is still rife with 20 per cent of investors totally clueless about what type of Isa they have bought.The Gavin Anderson & Company Investment Funds Survey reveals that despite the confusion there is a significant uptake of Isas, with 26 per cent of those surveyed saying they have already invested in one.The encouraging […]

National Savings increases fixed interest rates

National Savings has increased the interest rates on three of its fixed rate savings products.The move has been triggered by upward movement in medium term money market rates.The interest rate on the five year Pensioners Bonds and Capital Bonds is increased to 5.15 per cent gross from 4.85 per cent gross. While the tax free […]


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