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CSFB says ratings agencies too soft on L&G, Pru and Aviva

Credit Suisse First Boston says that credit ratings for Legal&General, Prudential and Aviva are too high and that the financial strength of life companies generally has fallen further. L&G and Pru both have AAA ratings from Standard&Poors and Moody&#39s, but CSFB says this is two grades too high. It also says Aviva is one grade too high at AA-. It says the main reason for the decline in capital adequacy ratios is the steep fall in the fund for future appropriations, out of which with-profits bonuses are paid.

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16 million face pension poverty

The proportion of British workers facing a difficult retirement is rising, with the over 60 age group facing the biggest slide into pensioner poverty, says JP Morgan Fleming.According to JP Morgan Fleming&#39s pension map of Britain report, a staggering 16 million workers representing 54 per cent of the UK workforce will retire on incomes of […]

&#39Regulation could finish small firms&#39

The Council of Mortgage Lenders says FSA mortgage regulation could drive out smaller intermediaries and lenders as bigger players club together to cope with higher compliance costs.At the CML annual conference in London last week, senior policy adviser Kate Main said she fears CP146 proposals mean smaller firms will be unable to compete and consumer […]

Substance of the argument

This week, I will conclude my examination of the Dextra case on employee benefit trusts.You will recall that the contributions that were the subject matter of the case were made by six group companies to an EBT. Within the trust, specific funds were allocated to six sub-trusts – one for each of three director shareholders […]

Talkback

“Yes. It should reap economies of scale and it means we will all be singing from the same hymn sheet.” John Fleming, J Derry Fleming Insurance Consultants “It was as inevitable as night following day. There are economies of scale but the members are the last people to benefit.” Harris Frazer, Assured Benefits Consultants “My […]

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