Insurance

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Standard Life’s O’Dwyer named new Royal London CEO

Royal London has named former Standard Life Aberdeen head of UK Barry O’Dwyer as its new group chief executive. O’Dwyer was previously deputy chief executive at Prudential’s UK and Europe business, having started his career at Standard Life, then moving to HBOS before returning to Standard Life in 2013. The announcement ends a half-year-long search […]

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Aviva denies any plans for UK business split

Aviva has confirmed there are no plans to split its UK business in two parts despite talks last month of a shake-up under new chief executive Maurice Tulloch. The Financial Times reported in May that the life insurance and non-life insurance parts of the UK operation could be split in a bid to re-energise the […]

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L&G sells insurance business to Allianz

Legal and General has sold its general insurance business to Allianz. The deal, which is expected to go through in the second half of this year, comes at an up front cost of £242m. However, L&G notes that there are also “potential further payments over a three year period from ongoing commercial arrangements”. In a […]

Andrew Tully: Steps to ease your PI pain

The number of defined benefit transfers has reduced from the peak we saw a year or so ago, but demand from clients who want to consider if a transfer is suitable remains high. Advisers need to make sure their processes keep up to date with the continuing changes from the FCA. However, it is the […]

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Aviva plots potential split of UK business

New Aviva chief executive Maurice Tulloch has plans to shake up the company and split its largest operation into two parts, reports suggest. The Financial Times reports the UK business containing the life insurance and non-life insurance divisions could be split as part of Tulloch’s mission to “re-energise” the company. Aviva merged its two main […]

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Client segmentation under the spotlight as rule changes near

Under Prod rules, are providers making sure the correct products are aligned with the right clients to meet regulatory requirements? The product intervention and governance rules ushered in by Mifid II appear to have taken a back seat with advisers after being overshadowed in the headlines with cost and charges disclosure requirements. Firms Money Marketing […]

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FCA warns insurance firms over value for money

Insurers’ manufacturing, sales and distribution approaches can lead customers to buy inappropriate products, pay excessive prices, or receive poor service, the FCA has warned. In a paper this morning, the FCA highlights that distribution chains can involve multiple parties and, because of the way each is paid, consumers end up paying a higher price – […]

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FCA to grant firms PI flexibility after FOS limit increase

The FCA will consider the individual circumstances for advice firms who cannot get their personal indemnity insurance re-confirmed before the 1 April increase in the maximum compensation limit for Financial Ombudsman Service claims, Money Marketing has been told. Monday will see an increase in the FOS’s limit from £150,000 to £350,000. Confirmation of the changes […]

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FCA must postpone FOS limit increase, says trade body

Adviser trade body Pimfa says insurance companies need more time to establish offer terms reflecting the new Financial Ombudsman Service compensation limit. The new £350,000 ceiling on compensation claims comes into play in less than a week. Pimfa says advice firms cannot be expected to have PI insurance confirmed and the FCA should postpone the […]