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Equitable deemed “unstable”

Equitable Life has taken a further blow after ratings agency Moody&#39s downgraded its financial strength and debt outlook from stable to negative.

The news follows last month&#39s Court of Appeal ruling that Equitable had acted unlawfully in reducing bonuses for 90,000 policyholders with guaranteed annuity rates.

The next step in the proceedings will take the case before the House of Lords on an unconfirmed date.

Moody&#39s says of Equitable: “The change reflects the increasing risk that there may be some further damage to Equitable&#39s franchise should it lose its case.&#39


Britannic staff face cuts after Cornhill deal

Britannic Assurance is cutting up to 350 jobs after striking a deal with Cornhill Direct to outsource its home insurance businessand centralising its admin.According to the insurer, general insurance products were not a core part of its product range and the partnership with Cornhill will allow concentration on its life and pensions business.Britannic also says […]

ScotEq revamp

Scottish Equitable is set for a re-vamp courtesy of its Dutch parent Aegon.Aegon UK, the parent group&#39s British arm, is planning to expand Equitable&#39s product range and re-structure the company.The group and individual protection businesses of Guardian Employee Benefits and Guardian Financial Services will come under the Scottish Equitable mantle within the next few months.Aegon […]

Regulation costs set to rise

The cost of regulating the financial services industry will rise 2.3 per cent in April to £162.5m a year, according to the Financial Services Authority.The FSA&#39s budget will rise again in October when new sectors such as lawyers who give financial advice come under its aegis.In a statement the FSA said it “had a heavy […]

Apcims to lobby Brown on-line

The Association of Private Client Investment Managers and Stockbrokers is leading an online petition for the abolition of stamp duty on share transactions.The association is lobbying Chancellor Gordon Brown to ditch the tax ahead of the March budget.Apcims claims the arrival of a European free trade alliance on cross border selling in November will force […]


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