Insurance

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Aviva’s Briggs to head up insurance business as part of restructure

Aviva will bring all of its UK insurance businesses – life, general and health insurance – together under one roof as part of a number of structural changes at the provider. Andy Briggs, formerly Aviva UK life chief executive, has been named UK insurance chief executive with responsibility for all of Aviva’s insurance businesses in […]

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Tenet to offer lower risk firms cheaper PI deals

Tenet is to offer directly authorised clients a new professional indemnity scheme with cheaper premiums available to those that purchase more compliance services from the network. Policies will be individually underwritten on a case-by-case basis and Tenet hopes the scheme will offer more realistic excess levels and more affordable premiums to lower risk firms. Group regulatory […]

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L&G turns to EY for CFO hire

Legal & General has appointed EY senior partner Jeff Davies as group chief financial officer, replacing Mark Gregory. Davies, who leads EY’s European Risk and Actuarial Insurance Services practice, will start the role in spring. Previously, he held senior actuarial roles at Swiss Re Life & Health. Gregory will step down once Davies joins L&G […]

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Diamond in the rough: Can something good come out of the broken PI market?

The clamour to reform advisers’ professional indemnity insurance is growing as trade bodies and the regulator face up to the fact PI cover is not working for advice firms. Speaking at the Association of British Insurers conference last week, FCA chief executive Andrew Bailey acknowledged advisers’ PI is not adequately covering firm failures. Bailey said […]

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Sanlam combines DFM and advice arms

Sanlam has set up a new wealth management business to bring together its discretionary fund management and financial advice arms. Sanlam Partners will house the Sanlam Private Wealth and Sanlam Wealth Planning businesses under a new division to be led by the former chief operating officer of employee benefits group A J Gallagher John White. White […]

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Aviva axes 82 jobs with Leicester office closure

Aviva is to close its Leicester office, putting 82 jobs at risk of redundancy. According to union Unite, the jobs will either be transferred to the insurer’s “digital hub” in Perth or one of Aviva’s underwriting teams. It is understood a small team will remain in Leicester. There are currently 116 Aviva staff in the […]

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FCA bans and fines two brokers £30k

The FCA has banned and fined former insurance brokers Terence Joint and Vroni O’Brien for failings relating to the handling and misapplication of client money. They will pay fines of £10,000 and £20,000, respectively. Joint and Vroni were formerly directors of Joint Aviation Services. The regulator found Joint Aviation had used premiums paid by clients […]

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Banks bear brunt of FCA skilled persons reports

The FCA issued 10 skilled persons reports in the fourth quarter of 2015/16, half of which related to conduct around client assets. In a document published today the regulator revealed that four skilled persons reports in Q4 were commissioned for banks, two for consumer credit firms, and one each for an investment management firm, a […]

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Scottish Widows transfers business to London

Scottish Widows has transferred its life insurance business away from Edinburgh to London. The Sunday Times reports that billions of pounds in life insurance business at Scottish Widows has been moved to London, marking the end of its 200 years of Scottish registration. The move was effective from the end of 2015. The business will be registered at […]