Skandia Investment Management chief investment officer Clive Hale has resigned from the company, saying he wants to spend more time with his family. He is being replaced by Hargreaves Lansdown investment director Alan Durrant, who will join SIM once the FSA has approved his appointment. Hale's regulatory responsibilities will be taken on immediately by group investment director Jim Roberts, with support from Jason Collins, deputy chief investment officer.
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Rating firm checks out Standard Life solvency
Standard Life's true capital position is “significantly weaker” than the company has claimed and the industry believed, says rating agency Fitch. The report – Reality Check: Is Standard That Poor? – warns that the plans to raise £750m in hybrid debt will be costly and that Standard's days as a mutual are numbered. It says: […]
Underwriting success
There used to be a story told at direct-sales conventions comparing a life office with a car. In the driver's seat, with a maniacal grin on his face, sat the sales director, his foot hard down on the accelerator. In the passenger seat, the finance director was frantically stretching over to put his foot on […]
ABI welcomes international accounting standards
The ABI has welcomed the introduction of a new international accounting standard for share-based remuneration announced by the International Accounting Standards Board. ABI head of investment affairs Peter Montagnon says: “Share-based remuneration is not a free lunch. It involves substantial cost, and investors firmly believe that it should be charged to profits. We congratulate Sir […]
Nationwide Building Society – Five-Year Tracker Mortgage
Type: Tracker mortgage Tracker term: Five years Tracker rate: Up to 95% of valuation - Bank of England base rate plus 0.74%, up to 90% of valuation - Bank of England base rate plus 0.34 %, up to 75% of valuation - Bank of England base rate plus 0.24 % Payable rate: Up to 95% […]
Are central banks looking at a broken speedometer?
By James Dowey, chief economist & CIO at Neptune WHATEVER HAPPENED TO THE GOOD OLD DAYS OF CHUGGING ALONG AT 3 PER CENT A YEAR? That was the average rate of real economic growth in the advanced world from the end of the Second World War until the late 2000s. Despite all of the recessions and social changes […]
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Sign up Lib Dems up campaign for state pension equality
The Liberal Democrats have stepped up their campaign for state pension equality, asking new pensions secretary Amber Rudd to address the reasons why women face lower pensions than men. The party has again called for progress on helping women born in the 1950s hit with state pension age rises, a cause popularised by the Women […]
PLSA signs up to Treasury’s gender diversity initiative
The Pensions and Lifetime Savings Association has announced it is one of 33 new signatories that has signed up to HM Treasury’s Women in Finance Charter today. This has pushed up the number of firms that have joined the initiative to improve gender diversity within financial services to 300. These range from global banks to […]
Borrowers spend billions in unnecessary interest: Private Finance
Private Finance has concluded that a borrower on an average standard variable rate could save over £4,500 a year by switching to a two-year fixed rate deal. The mortgage broker says, in total, borrowers pay £15.4bn a year in SVR interest, with the typical rate on a 75 per cent LTV loan being 4.39 per […]
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