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Halifax buys Equitable

Halifax has agreed to buy Equitable Life for £1bn, in a deal which could see guaranteed annuity rate policyholders trading their guarantees for upfront bonuses.

Halifax will pay £500m for Equitable&#39s asset management business, administration systems and salesforce. Halifax will then pay £250m into the Equitable with-profits fund if the holders of guaranteed annuity rate policies agree to a cap on their guarantees.

Halifax will pay further £250m if profit targets are reached in 2003 and 2004.

Equitable policyholders are likely to be ballotted on the second phase of the deal next Autumn.


Who takes blame for Equitable?

As the fallout from the Equitable Life debacle starts to settle and the industry considers its effect on the financial services sector, the roles of the regulator and civil servants are coming under increasing scrutiny. Charges against the regulator include failure to act in the early 1990s when signs pointed to a low-inflation period, incorrect […]

Guide to complain on loans

The Mortgage Board is issuing a How to Complain guide for disgruntled borrowers who have been ripped off by unscrupulous mortgage firms. The guide is being issued following a review of complaints received by the Mortgage Board&#39s helpline in the last six months. It found that 39 per cent of all complaints against brokers related […]

New products take the hedge off risk levels

This spring is likely to see the blossoming of the hedge fund sector into the mainstream investment market with the launch of several funds. Traditionally, hedge funds have been seen as risky investments and the preserve of the rich, associated with big-name players such as George Soros. They have carried a reputation for high risk […]

Julian Gibbs

A recent survey of British business carried out by the Cranfield School of Management revealed that 64 per cent of companies are not yet using e-commerce even though their chief executives recognise that 40 per cent of revenues will be generated through e-com- merce within six years. Many IFAs still believe the internet will not […]


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