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Equitable confesses to annuities bill

Equitable Life has finally admitted its pensions business was hit by last year&#39s test case over the treatment of policyholders with annuity guarantees.

The mutual life office said total new business had fallen from £2.62bn to £2.41bn last year, while new life business was down 8.8 per cent at £584m.Last August Equitable Life won the first phase of its legal battle to avoid paying final bonuses to more than 100,000 guaranteed pension policyholders in full.

Equitable managing director Alan Nash says: “During 1999 uncertainty over stakeholder pensions caused many individuals and small businesses to delay their plans.”


AITC drive to boost business

The Association of Investment Trust Companies is hoping its new code of practice will lure new investors to the sector.The code is designed to improve the quality of information included in trusts&#39 reports and accounts.The AITC is urging investment trusts to show their total annual costs and demonstrate how performance has been achieved in a […]

Isa confusion claim

The Government is confusing worried Individual Savings Account customers, according to Gartmore.The fund management group is claiming Isa rules make consumers fear they are breaking them even when they are not.Gartmore is recommending the Government devise a single annual Isa allowance of £5,000 and stop baffling people with how much they are allowed to invest […]

NatWest drafts in Lloyds TSB top gun for survival fight

National Westminster Bank is drafting in a Lloyds TSB boss to help in its fight agains hostile takeover bids by Bank of Scotland and Royal Bank of Scotland.The bank is taking on Gordon Pell from Lloyd&#39s TSB to head-up its UK banking operations.Pell, 49, had recently been given responsibility as group executive director of retail […]

High-tech frenzy explained

Industry experts are defending the recent rollercoaster ride of technology shares.The widely-reported surge in private investor interest in high-technology stocks in December was followed in the new year with news of cash flowing back into more traditional low-risk sectors.Experts are challenging the apparent knee-jerk reaction claiming investors were picking up shares at lower prices rather […]


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