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Clementi appointed as new Pru chairman

Prudential has confirmed that the deputy governor of the Bank of England David Clementi will become its new chairman. The appointment was widely anticipated and follows the standing down of previous chairman Sir Roger Hurn following his previous leadership of troubled telecoms company Marconi.

Because of his position at the Bank of England, there is an enforced three-month cooling off period before he is allowed to take up a role in private industry, so his appointment will take affect from December 1. Hurn remains at the helm until that date.


Zurich Group announces loss of £1.3bn

Zurich Financial Services Group today announced a loss after tax of £1.3 billion or $2bn in its half year results for 2002. It says this is a result of its strong premium growth and improved claims performance being more than offset by a significant decline in realised and unrealised capital gains and special provisions totalling […]

FSA dispute sees resignation of David Wootton

The FSA has intervened to stop Eurolife Assurance Company from writing new business and secured the agreement of managing director David Wootton to resign from EAC&#39s board and not to seek a senior job in the UK financial services industry.The FSA says it took this action because it was concerned that EAC was not being […]

IFA caution shows in Fidelity sales

Fidelity believes IFAs are more bearish about the stockmarket than their clients in the light of figures which show its adviser sales have fallen by comparison with its direct channel. The company claims there are signs of significant divergence between IFA and consumer confidence as its month-on-month and year-on-year figures show direct sales rising relative […]

Which way now for Isas?

Two clear trends have emerged in the past 12 months – borrowing has reached an all-time high while the savings habit remains in the doldrums. Latest figures from the Council of Mortgage Lenders suggest home lending reached a record high in July of £21.8bn. Any fears of a double-dip recession in the US or of […]


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