Insurance

Equitable Life sale to bring windfall for policyholders

Embattled mutual insurer Equitable Life has been bought by Reliance Life, part of the Life Company Consolidation Group. In March reports emerged the firm was preparing to sell. Equitable Life, which has been in run-off since closing to new business in 2000, was still technically owned by its more than 300,000 remaining policyholders, most of […]

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FCA to pay redress over poor correspondence

The Complaints Commissioner has criticised the FCA for its correspondence with a complainant and ordered it to pay redress. The complaint related to the FCA failing to respond to a report sent to it by the complainant at the regulator’s request, about professional indemnity insurance. According to the Complaints Commissioner decision, the complainant initially drew the […]

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FCA updates guidance on ‘basic advice’ under Mifid II

Advisers will not be able to give ‘basic advice’ on stakeholder products that fall under Mifid II and the Insurance Distribution Directive, the FCA has confirmed. Basic advice rules, which date back to 2005 and allow the provision of simpler and lower-cost advice to consumers on a range of stakeholder products using pre-scripted questions, previously […]

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FCA to probe Aviva preference shares plan

The FCA has launched a review to examine if Aviva‘s plan to cancel its high yielding preference shares broke market abuse rules. Investors pressured Aviva to scrap its plans to cancel £450m of high-yielding preference shares at par value, Last week the insurer said it was not going ahead with the plans. Cancelling the plans […]

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Aviva’s Briggs to pocket £1m bonus for 2017

Aviva Insurance chief executive Andy Briggs will take home an extra £1m in bonuses on top of a basic salary of £726,000 for 2017. The bonus is one part of Briggs’s £2.5m remuneration package, which also includes  benefits and pensions contributions. Commenting on Briggs’s work in its remuneration committee report, published today, Aviva says there was […]

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PI insurers express caution over ‘high-risk’ DB transfers as advisers struggle for cover

Professional indemnity insurance providers have acknowledged that they see DB pension transfers as a high-risk area, as experts continue to express fears over the breadth of coverage for IFAs. While the FCA recently proposed measures to stop PI policies from excluding the Financial Services Compensation Scheme as a claimant and discussed the possibility of a […]

Blog: There’s method in the Standard Life Aberdeen madness

Things are moving fast over at the newly merged Standard Life Aberdeen. The very first results for the combined company hit the wires this morning and, finally, a clear strategic direction is emerging. Overall, there were net outflows. Not a great start, particularly given Scottish Widows’ parent Lloyds’ decision to pull its £109bn mandate earlier […]

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Failed Scot Wids Standard Life insurance merger talks behind £109bn blow

A breakdown in talks to merge Lloyds’ Scottish Widows arm with Standard Life’s pension and life insurance business led the high street bank to pull £109bn from the asset manager, according to reports. Last week, Standard Life Aberdeen shares fell 6 per cent on news Lloyds decided to end investment management arrangements with the asset manager on £109bn […]