Government Millennium Bug advice company Action 2000 is urging the finance industry to unite to beat the Millennium Bug via The National Mentoring Scheme. Action 2000 is concerned that more than a quarter of firms are still not bug complaint. Its scheme is aiming to bring together thousands of businesses in workshops to share experiences, ideas and tips on how to deal with the issue.
CGU is launching a with profit annuity aimed at pensioners looking to make the most of their pension funds.The with-profits annuity will provide a viable alternative to traditional annuity schemes which have suffered from falling returns in recent years.The new annuity is available to funds with a minimum of £15,000 and will allow clients to […]
Furness Building Society is offering all new homebuyers one years free accident sickness and unemployment cover for their new loan.The "Freestart' ASU scheme is fully compliant with the Association of British Insurers and Council of Mortgage Lenders new mortgage payment protection insurance guidelines.Cover is written on a back to day one basis after an initial […]
Prudential is launching a single-priced version of its with-profits Prudence bond on September 20. The move comes in response to demand from IFAs who want to be able to sell the bond with no upfront charges involved. The current bond, which will continue to be available, is dual priced, being bought and sold on a […]
Lloyds TSB has paid £174m to rescue subsidiary Abbey Life from a solvency crisis caused by the guaranteed annuities and the pension review.Abbey Life suffered a massive increase in liabilities in 1998 brought about by the cost of meeting annuity guarantees and the increasing cost of the pension misselling review. The scale of the crisis […]
Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee. This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]
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Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]