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Lloyds TSB ponders sale of Abbey Life

Lloyds TSB is considering selling Abbey Life after the company instructed its investment bankers to look into potential buyers.

A sale of the insurance subsidiary, which contains about £12bn of closed life policyholder assets, could fetch up to £1bn according to analysts.

Abbey Life has been closed to new business since 2000 and is expected to attract attention from buyout firms such as Resolution, Swiss Re and Pearl Group.

It is understood that Lloyds TSB has no plans to sell Scottish Widows which it acquired in 1999.

Lloyds has refused to comment.


FSSC wants T&C schemes endorsed by regulator

The Financial Services Skills Council is calling for the formal endorsement of training & competence schemes following the FSA’s proposed consultation on reviewing the T&C sourcebook.The regulator’s consultation will be published shortly and the FSSC says that is largely down to the fact that in a post-Mifid world, T&C will become ever more important.Off the […]

Co-op ethical fund is the first to head all-company sector

An ethical fund has topped the UK all companies sector for the first time, as Investment Management Association statistics show the ethical investment market is set to break through the £5bn barrier.The £146m Co-operative Insurance Sustainable Leaders fund is first out of 293 funds on a 12-month basis, returning 29.8 per cent compared with an […]

FSA pondering two insurance regimes

The FSA is considering proposals to introduce two different regulatory regimes as part of its review of the insurance conduct of business rules.Money Marketing can reveal the FSA is looking at creating one regime for protection products and another for commoditised insurance products, including private medical insurance, personal accident insurance and car insurance.The regulator is […]

L&G sells PMI business to Axa

Legal & General has sold its healthcare business to Axa due to declining sales despite relaunching its proposition six months ago.L&G has been in the private medical insurance market for over a decade but says it will close to new PMI business at the end of the month.A statement from Axa says: “We can confirm […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]


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