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Institute of Actuaries hits out at life offices&#39 accounting

The Institute of Actuaries has attacked the current accounting practices of UK life offices.

A keynote paper presented to the IoA this week describes the current accounting method as &#34flying in the face of what investors and other users of company accounts would consider to be &#39true and fair&#39 and understandable&#34.

The paper says that things have come to head because the International Accounting Standards Committee is developing a global accounting standard for insurance contracts.

Currently the UK statutory solvency basis, which is derived from the EU&#39s Insurance Account Directive, can actually lead to a loss being reported on soundly priced new business and vice versa.

The anomalies arise because of the stipulation in the Directive of very conservative estimates for mortality and investment returns.


The Exchange ties up with Financial Express

IFA technology specialists The Exchange has announced plans to merge its unit trust and key features documents service with price information provider Financial Express.The two services will be integrated next year. As part of the deal, The Exchange is buying a 25 per cent stake in Financial Express.The Exchange says the purchase is a sign […]

Scot Am cuts GPP charges for schemes with over 25 members

Scottish Amicable is cutting the annual membership charge on its group personal pension contracts for schemes with more than 25 members.The life office is reducing its charge to £18 from £30 with effect from November 16.The life office claims it has formed a dedicated scheme design team to help customise GPPs and tailor them to […]

David Taylor to head HSBC smaller companies division

Former GT Global smaller companies fund manager David Taylor is joining HSBC Asset Management as it attempts to halt a £15m wave of redemptions.Taylor will head up HSBC&#39s smaller companies division. He replaces Ashton Bradbury who is leaving for Hill Samuel Asset Management next month.The HSBC Smaller Companies fund has been hit by £15m in […]

M&S tops Money Marketing Pep survey

Marks & Spencer&#39s UK 100 Companies Fund is celebrating its position as the best value for money pep in the latest Money Marketing survey.The one-year fund has been ranked first for producing a return of £468 after charges on a £6,000 investment. This was over £500 higher than the worst fund in the category.The three-year […]

US equities: opportunities for short sellers expand

Optimism is as American as baseball and apple pie. And since the financial crisis, being optimistic about US equities has paid off: they have outperformed every other major developed market by a comfortable margin. Yet while there remain plenty of good reasons to be optimistic about US equities, Stephen Moore, manager of the Artemis US […]


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