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IFAs say Lumsden had to go

IFAs believe the resignation of Iain Lumsden was unavoidable given that Standard Life is now considering demutualisation as an option.

They say he has been so belligerently behind remaining mutual that there is no way he could stay at Standard Life now.

Informed Choice managing director and Sofa chairman Nick Bamford says: “Lumsden&#39s resignation is natural fall out. He has been saying for the last five years that Standard Life will remain mutual.”

Syndaxi Financial Planning director Robert Reid says: “Lumsden has been so belligerently behind mutuality and it would be very difficult for him to lead the company towards demutualisation. He must have been left with very little room for manoeuvre once Standard admitted it was considering the option of demutualisation.”


Abbey axe could fall on ScotProv

The Abbey axe is hovering over Scottish Provident with 700 jobs in Edinburgh at risk, according to a leaked Abbey document. An announcement is likely to be made to staff this week on Abbey&#39s current review and its effects on the Edinburgh-based life insurance operations. Around 730 people work in customer operations at the Edinburgh […]

FSA cuts FSCS funding

The FSA is cutting operational funding for the Financial Services Compensation Scheme by 4.8 per cent to £11,839,000 from 12,435,624. The regulator says the cut is due to increasing efficiency within the compensation scheme. FSCS head of finance Nick Gooderham says the reduction in the scheme&#39s management expenses levy reflects further savings made by the […]

ODPM says house inflation fell in November

The Office of the Deputy Prime Minister&#39s house price index for November reveals that annual house price inflation fell to 9.7 per cent in November from 12.1 per cent in October. It says that the average house price was £159,480 in November down from £161,567 in October. Annual house price inflation in London was 5.2 […]

Lighthouse issue share options to advisers

Lighthouse is to offer shares to a vast majority of its advisers. The IFA is to make cash payments totalling £150,000 and issue options of over 1.2 million shares at an exercise price of 1p each. This amounts to around 3.4 per cent of the issued ordinary share capital of Lighthouse Group. The options have […]

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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