Funds under management in Scotland climbed 20 per cent to £220bn in 1998. The life offices played their part with Standard Life boosting funds under management to £62.7bn from £55bn while Scottish Widows increased its funds to £32.1bn from £27.4bn. Scottish Equitable pulled in £4.4bn to take total funds under management to £19.4bn.
Campaign group Save our Building Societies has dropped its threatened court action against Birmingham Midshires.The group had planned to contest a decision by Midshires not to hold an special general meeting to debate several anti-mutual resolutions. It has dismissed the motions as vexatious and frivalous. It was this contention that SOBS had hoped to challenge.
Cigna Healthcare & Group Life has appointed Philippa Dickson as its new managing director.She joins from Bupa International, where she was a director responsible for developing the worldwide corporate, individual and group healthcare for expatriates.Dickson says: “My remit is to ensure that Cigna continues to develop innovative medical insurance products, which grow the business, while […]
A leading commercial law firm has warned IFAs that Professional Indemnity Insurers will seek a greater role in internal compliance procedures.Law firm Reynolds Porter Chamberlain is predicting that the new regulations governing civil court actions, which come into effect next month, will encourage PI insurers to demand a greater involvement in IFAs complaints handling.The Civil […]
Portman Building Society is launching two mini cash Isas, an instant access and 90 days notice version.The Instant Access Isa will meet Government Cat standards paying an interest rate of 4.25 per cent with a minimum investment of £10.Savers will qualify for a 1.5 per cent bonus if they invest £3,000 in the first year […]
Manager Adrian Gosden explains how a strong balance sheet means companies can survive volatility – even in the aftermath of a debacle like VW’s. To watch the video click here
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Phoenix is set to shed roles in a redundancy round following its decision to buy parts of Axa’s business last year. The closed-book provider snapped up Axa Wealth businesses Embassy, its off-platform investment and pension division and Sun Life, its direct protection business, in a deal signed last May, before also buying rival closed-book operation […]
Hargreaves Lansdown has removed Paul Chesson’s Invesco Perpetual Japan fund from the Wealth 150 list of recommended funds due to its volatile performance. Chesson, head of Japanese equities, has run the £318m fund since 2000 and takes a high conviction, contrarian approach to investing. Investment analyst Dominic Rowles says that while this has led to […]
Firms will not necessarily have to advise on every relevant investment product but it will be difficult to discount structured deposits