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Friends shows record new business

Friends Provident have reported their best new business figures to date, bucking the industry trend and increasing new business by 14 per cent.

The insurer has reported that new sales have increased to £429.2m from £376.7m in 2002 on an annual premium equivalent basis, with life and pension new sales in the fourth quarter up 13 per cent to £116.7m from £103.1m in 2002 on the same basis.

The growth included growth in protection sales of 54 per cent, rising to £69.4m from £45.1m ape. Savings and investment sales increased 18 per cent to £114.3m ape from £97m and new group pensions were up 12 per cent to £176.1m from £157.8m ape. It describes the increase as a “testament” to its systems and service and is optimistic about the coming year, saying investment confidence is better and less fragmented.


McFall&#39s bonus of contention

Chairman of the Treasury select committee John McFall has lashed out at life offices over their failure to accept responsibility for misselling endowments. Speaking to Money Marketing, McFall says he wants to see the big UK life and pension providers made more accountable for their actions over misselling and the increasing problem of mistrust in […]

Intelligent Finance sets up fixed and tracker loans

Intelligent Finance is offering fixed-rate and tracker mortgages for the first time. The HBOS subsidiary has set the fixed-rate mortgage at 5.19 per cent until July 2006 followed by a one-year discounted variable rate of 0.15 per cent below the bank&#39s standalone variable rate, currently 4.95 per cent. The tracker mortgage is set at 4.19 […]

Building societies target offset mortgages

Two building societies are challenging the growing offset mortgage market with new products hitting the market this week from Norwich & Peterborough and Coventry. N&P says it is the first building society to link a current account with mortgage and savings accounts, while Coventry&#39s product offsets savings against borrowings. N&P group product manager Gary Lacey […]

Lifesearch sends out Swiss Life admin call MCCB cuts firms&#39 fees ahead of regulation

The Mortgage Code Compliance Board has significantly reduced the fees that intermediaries and lenders will pay for their final period of registration before statutory regulation starts. There will no longer be a registration fee for intermediary firms and the staff fee will be less than half of the fee payable in 2003/04. The renewal fee […]


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