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FSA dispute sees resignation of David Wootton

The FSA has intervened to stop Eurolife Assurance Company from writing new business and secured the agreement of managing director David Wootton to resign from EAC&#39s board and not to seek a senior job in the UK financial services industry.

The FSA says it took this action because it was concerned that EAC was not being soundly and prudently managed. The regulator ordered that a trust be put in place to meet its liabilities, including those to policyholders.

Chairman Lynne Green has also resigned but will continue as a director and has undertaken not to seek a chief executive function at an authorised firm for next three years. The FSA says EAC continues to be solvent.


&#39Use MP pension rise to aid state scheme&#39

One in five UK voters believes the improved pension deal that MPs passed for themselves in July is disgraceful and more than a quarter think that the extra cash should be used to boost the state pension, according to research conducted for stockbroker Comdirect. The survey reveals that 21 per cent of people think the […]

CML warning on higher income multiples

The Council of Mortgage Lenders warns a recent acceleration of borrowing at higher income multiples may be a sign that affordability constraints are starting to bite. Its latest monthly says interest rates may not have to increase by very much to make mortgage payment difficult for some borrowers. It says the outlook for the housing […]


Independent view

Most things are open to interpretation. Either there is a problem with the message or a problem with the audience, it is all a matter of which side you are on. However, sometimes, a message is put across in such a way that there is very little scope for misunderstanding. Disagreement, yes, but misunderstanding? Most […]

M&G appoints new head of equity

M&G has appointed David Jane as head of equity investment to replace Vivian Bazalgette, who is retiring. Jane, who was previously M&G&#39s head of investment process, takes over the role this week in a move which will also see Hak Salih – deputy of its capital fund – take over as lead manager from Bazalgette.Jane […]

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


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