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FSA director quits after five months

FSA director insurance firms David Gittings is quitting his job after only five months to join the board of Wellington Underwriting. The FSA stresses there was no acrimony or dispute over policy despite the short notice period – Gittings is set to leave the regulator and take up his new job next Monday on September 16, 2002. Gittings said he missed life in the commercial sector. He originally came to the FSA from Lloyd&#39s of London, where he was director of regulation. The FSA says he made an important contribution to insurance regulation during his short tenure, and will be announcing an internal replacement within two weeks.

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LIA assesses the situation before making comment

I was surprised to say the least at the comments by Donna Bradshaw in last week&#39s Money Marketing about the LIA&#39s interpretation of the Sandler report.It should hardly need pointing out that the LIA analyses Government/ regulatory statements very closely and any comment we make, whether immediately after publication or later, is based on sound […]

Pru payouts cut by up to 10%in interim move

Prudential has cut payouts on unitised with-profits by up to 10 per cent in its first-ever interim bonus declaration.The move comes amid growing speculation about the distribution of its orphan assets. Pru denies it is close to an announcement despite discussions with the FSA.It says the discussions concern reattribution of assets rather than distribution and […]

Norwich & peterborough – Quantum Account (12th issue)

Friday, September 13, 2002 Type: High interest account Minimum-maximum investment: £1,000-£25,000 single life, £50,000 joint life Interest rates: 4% gross a year until September 30, 2003, 4.25% gross a year until September 30, 2004, 4.5% gross a year until September 30, 2005, 5% gross a year until September 30, 2006, 6.5% gross a year until […]

io investors – Defensive Equity Fund

Monday, 9 September 2002 Type: Fund of hedge funds Aim: Growth by investing in long/short equities Minimum investment: Euros 125,000 Place of registration: Dublin Investment split: 100% in long/short equities Isa link: No Charges: Annual up to euros 5m 1.5%, euros 5m and above 1% Commission: Initial up to 5% Tel: 020 7024 7449

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Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.

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