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European Equitable Life committee to unveil report in April

The European Parliament’s committee into the collapse of Equitable Life has delivered the first draft of its report which will be made public at its next meeting in April.
The report was unveiled to the committee by British Liberal MEP Diana Wallis and members will now submit suggestions for change before the report is made public on April 11.
The inquiry has looked into whether EU insurance legislation was correctly implemented in Britain and what recommendations can be made for the future.
It has heard criticism of the role played by the Treasury, FSA and Financial Ombudsman Service.
UK Parliamentary Ombudsman Ann Abraham will publish her report before the Summer recess and leaks suggest it will find the Government guilty of failing to properly regulate the provider.


L&G Intl to kick off with pooled portfolio bond

Legal & General has confirmed it will start an international life company this year to operate from Ireland.Money Marketing revealed the launch last October when it reported that L&G was recruiting a chief executive to set up an offshore division based in DublinL&G International, which will be launched in the second half of this year, […]

Budget 2007: Without a trace suspense story

The Government has set up “suspense accounts” alongside its crackdown on Asps for the funds of people who cannot be traced at 75.The Budget notes state special rules will be created for providers that have been using Asp measures to hold the funds of members who are untraceable at 75. Until now, any funds in […]

‘Correction is a lesson to complacent investors’

F&C stewardship growth and income manager Ted Scott says the recent correction in UK markets should be seen as a warning for investors that stockmarkets will not go up in a straight line for ever.Scott says since the last correction in May and June 2006, investors have become increasingly overconfident in their market positions and […]

F&C plans return to profits

F&C plans return to profits F&C Asset Management has set out plans to bolster profits by 50 per cent in the next two years after revealing it made a further loss last year.The fund firm¹s £30.6m loss in 2006 was an improvement on the previous year¹s loss of £106.3m but reflects the removal of further […]


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