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Kane becomes ABI chairman

Scottish Widows chief executive Archie Kane has been unveiled as the new chairman of the ABI.

Kane’s appointment was announced today at the ABI’s Annual General Meeting. He succeeds Keith Satchell who ends his two year term as chair.

Kane was appointed chief executive of Scottish Widows in 2003 and is also group executive director of insurance and investments at Lloyds TSB Group.
Aegon chief executive Otto Thoresen was also announced as chairman of the Life Insurance Committee.

Kane said: “It is a great honour for me to become Chairman at this exciting time for the industry. The industry has responded well to the recent floods around the country. We have made a defining contribution to the debate on pensions reform. And our work on regulation and corporate governance is of the highest quality.

“I am particularly keen to work closely with all the new ministers and politicians of all parties to promote a better understanding of the role and value of insurance in the modern world. The EU is now introducing its Solvency 2 Directive which heralds a major step forward in the financial regulation of European insurance companies. And we will be looking to the new Chief Executive of the FSA to continue the momentum behind the regulator’s move to principles-based regulation.


FSA is a flaw unto itself

It is the view of this newspaper that the two FSA papers on the retail distribution review and prudential rules for advisers are deeply flawed.To link acceptance of one dealing mainly with capital adequacy to a section in the RDR paper dwelling on general financial advisers is therefore deeply flawed many times over.Director of small […]

Eagle warns on promotions

Labour MP Angela Eagle began her new role as Exchequer secretary by attacking the standards of financial promotions.Responding to concerns by Labour backbencher Sarah McCarthy over celebrity endorsements of financial products, Eagle said: “It is important the industry adheres more effectively to the voluntary codes . If there is no sign of improvement, we will […]

Providers to profit in pre-RDR sell-off

Ernst & Young is warning there could be a fire sale of highcommission products as providers seek to cash in before the RDR is implemented.In an assessment of the impact of the RDR, head of insurance services Shaun Crawford predicts greedy providers will try to boost last-minute sales using up-front commission.Crawford says providers will fall […]

Leading questions

Money Marketing editor John Lappin says the FSA is trying to manipulate advisers with its attempts to portray the RDR and prudential rules discussion papers as being industry-led.


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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