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Equitable Life closes to new business

Britain’s oldest mutual life office Equitable Life is now closed for new business after takeover talks with only bidder Prudential collapsed.

Policyholders who have taken out policies in the last 14 days will be able to cancel their new policies. The FSA claims Equitable is still a solvent business.

Equitable was put up for sale this year after the High Court ruled reducing bonuses on guaranteed annuities was illegal. Estimates put the ‘black hole’ created as a result of creating these bonuses at up to £5 bn.


Premier inspired by US

Premier Portfolio Managers has taken inspiration from the US with the introduction of its global technology fund. This Luxemburg-based Sicav marks a departure from the management styles of similar offshore funds in that four fund managers share the responsibility of running the fund. This approach is common in the US but not in the UK […]

Scarborough gets back to base

Scarborough Building Society has introduced a flexible base rate tracker mortgage that remains at 0.90 per cent above the Bank of England base rate for the term of the mortgage. The current payable rate is 6.90 per cent, which is competitive for a flexible mortgage that allows loans up to 95 per cent of valuation. […]

Survey shows IFAs value autonomy

The majority of IFAs value their independence but network members are more willing to consider multi-ties than non-members, according to research by KPMG for Skandia Life. The company condu cted in-depth interviews with a cross-section of 48 leading IFA firms in September to find out IFAs&#39 responses to the London Economics report to the FSA […]

Schroders triples equity held by staff

Schroders, the UK’s second largest listed fund manager is to triple the amount of equity held by its employees over the next five years in a move to strengthen its independent status. The move comes amid speculation that Schroders which manages £143.6bn of assets will be forced to sell up to large financial conglomerate in […]

Bonds in 2017: Stick or twist?

Royal London Asset Management Bond Fund Managers Paola Binns and Craig Inches look at why short duration could be a key tactic for fixed income investors during 2017. Read the full article here The value of investments and the income from them is not guaranteed and may go down as well as up and investors […]


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