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Equitable slashes negligence claim

Equitable Life yesterday dropped a substantial part of its negligence claim against its former auditor Ernst & Young slashing the damages sought by 1.3bn. The society told the high court it was abandoning the “lost sale” claim – that Equitable could have sold its business for a higher price had E&Y made it aware of its financial weakness in 1998 – in a move that slashed the damages claim from 2.05bn to around 700m.

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Scott defends job losses after twin takeovers

John Scott & Partners says the redundancies as a result of it buying Charcol Holden Meehan and Charcol Aitchison & Colegrave are necessary because of duplication of roles. The firm says some staff went because they did not have the skills to develop long-term relationships with high-net-worth clients in a fee-based environment. At the end […]

UK must avoid merely copying US tele-underwriting models

Tele-underwriting will form a major part of protection business but the UK must not merely copy US models, according to this year’s Protection Review. SelectX director Susie Cour-Palais says many UK firms are keen to apply tele-underwriting as a “plaster” without treating the underlying problems in their businesses or in their underwriting processes. She believes […]

Credit Suisse unveils Incubator fund

Credit Suisse has announced details of its multi-manager Incubator fund to launch on July 25.It will aim to take significant stakes in funds less than 100m in size, hoping to capitalise on early growth.The fund will be managed by Gary Potter and Robert Burdett and be capped at 75m. It will invest in three main […]

BNP in row over Cardif Pinnacle

A banking group with pockets as deep as BNP Paribas should never have allowed the collapse of 2,600 Cardif Pinnacle income protection policies, says Paymentcare managing director Shane Craig. But BNP Paribas says that although it owns Pinnacle outright, it is a stand-alone ins-urer within the group. As reported in Money Marketing on June 30, […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]

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