John Cowan is joining the board of mortgage and protection club Paymentshield as non-executive director.Cowan, who was formerly managing director of Pivotal, the National Australia Bank group’s intermediary consultancy business, is joined on the board by former HBOS gen- eral insurance chief executive Howard Posner, who becomes a non-executive director, and First Direct chief operating officer Richard Dixon, who joins as operations director. The new appointments bring the total to nine since Stuart Pender became chief executive following the management buyout of Payment-shield in August 2004. The board is led by Mike Christophers, chairman since the MBO. He was a senior partner at KPMG, responsible for leading its insurance and actuarial practice. Cowan says: “I am delighted to join Paymentshield at a very exciting period in the growth of the business. “Paymentshield is developing some very interesting plans for the mortgage intermediary sector and I very much look forward to working with what is a very strong management team in supporting UK mortgage advisers.”
Hurricane Katrina will cost the insurance industry over 11bn, according to a Swiss Re preliminary estimate.The reinsurer expects its own claims to be around 277m, although it points out the complexity of the damage caused by the storm and flooding means estimates have a more than usual degree of uncertainty.Around 80 per cent of New […]
Abbey is offering customers three months’ free mortgage payment protection cover for all new applicants.Homeowners will pay nothing for this insurance cover for three months from September 5 until the end of the year. Abbey says homeowners in the UK are leaving themselves vulnerable regarding mortgage payments, with half of UK adults admitting they could […]
I refer to Terence O’Halloran’s letter attacking Dianne Hayter (MM, 18 August). I would be interested to know his reasons for concluding that consumers would be better off without representation by a consumer panel. He mentions the disappearance of defined-benefit pension schemes. How does he think that relates to consumer representation, particularly when most consumer […]
The UK fund industry review for 2005 ranks fund management firms by the percentage increase in funds under management. But is growth in size important to an IFA when choosing a fund manager or is it what they do with their funds that counts?
Research from Jelf Employee Benefits and retirement workshops specialist LaterLife Learning shows that one in two employers could offer their older workers greater remuneration flexibility so that they can benefit from the new Freedom of Pensions rules.
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Aberdeen Standard Investments has agreed a joint venture with Virgin Money to provide asset management services to its customers. Under the terms of the deal, Aberdeen Standard will acquire 50 per cent of Virgin Unit Trust Managers for an upfront cash payment of £40m. The transaction is expected to be completed by the end of […]
Fewer savers are turning to an adviser before fully cashing out their pension, latest FCA figures show. Between April and September 2017, just 32 per cent of full withdrawals were advised, down from 44 per cent the previous year. 95 per cent of the decline in advice was attributed to cash outs for pots under […]
Hargreaves Lansdown will be able to return “loyalty bonuses” to investors tax-free after winning a legal battle with HM Revenue and Customs. The fund shop says at least £15m will collectively be returned to around 150,000 investors. HMRC has 56 days to appeal the decision of the Upper Tax Tribunal that loyalty bonuses are not […]