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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Should more advisers be embracing annuity innovation?
Michael Klimes asks if advisers need to change their thinking on annuities and incorporate them in drawdown for clients
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L&G: Advisers need to help bust pension jargon
Annuities, drawdown, Sipps – these terms can confuse and alienate customers. People really just want to know what will enable them to have the retirement they’ve always dreamed of, with enough flexibility to deal with life’s changing circumstances and perhaps a small inheritance to pass on too. What is everyday terminology for us in the […]
DB trustees should flag availability of transfer values, report says
Royal London has published a discussion paper with pensions lawyers Eversheds Sutherland to help defined benefit trustees handle members interested in transfers. It aims to help trustees understand both what the law requires of them and what good practice might look like. The paper calls on trustees to make members aware that transfer values are […]