Legal & General is recruiting a chief executive to set up and run a new offshore division based in Dublin, Money Marketing understands.The firm has made no secret in the past of its aim to eventually enter the offshore arena but has never committed to a timescale for entry or released any further details of its plans. But Legal & General is now understood to be actively seeking a CEO for a Dub- lin-based offshore branch and the provider is expec- ted to launch an offshore insurance bond from the new base. Offshore insurance bonds are the most noteable exception to L&G’s current product range and it is thought that the company aims to launch an offshore single-premium bond, which will be sold back into the UK. L&G is also believed to be setting up a range of feeder funds through Jersey and Guernsey to enable its most popular funds to be sold via these offshore centres. Friends Provident International manager internat-ional marketing Chris Holland says: “I am not surp- rised if any company looks at the international arena as it such a growing mar- ketplace. “From our perspective, if the news is true, then we would relish the competition from wherever it comes. There is definitely room for more players.” L&G declined to comment.
The Council of Mortgage Lenders was at the centre of proceedings this week after its attack on Home Information Packs.
The Association of Mortgage Intermediaries has launched a factsheet to help members deal with the issues around retention business.The factsheet covers compliance issues when reviewing existing mortgage arrangements and additional issues that will be raised where a client has an existing unregulated mortgage. AMI associate director Rob Griffiths says: “As a growing number of lenders […]
Norwich Union has signed a deal with Openwork that will see the network refer equity release business to the insurer.The announcement follows the FSA’s call for intermediaries to either improve the level of equity release business they write or refer leads to specialist providers. NU director of business development Philip Willcock says: “We are delighted […]
Fidelity’s decision to reduce the higher initial charge it had imposed on the UK portion of its special situations fund has certainly rattled a few investment cages this week.
The Swiss Re Group is a major reinsurer in the group risk market in the UK. As such, their Group Watch 2015 report is a useful indicator as to the current state of play in the area of employer sponsored group life, group income protection, and group critical illness markets.
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