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L&G profits rise despite annuity drop-off

Legal & General’s operating profit rose 14 per cent in 2015 led by a steep increase in profits from the retirement business. According to the insurer’s full year results, published today, the retirement division saw profits rise 49 per cent year-on-year, from £428m to £639m in 2015. Overall group profit rose 14 per cent, to […]

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Co-op Bank posts £610m loss

The Co-operative Bank has reported a pre-tax loss of £610m for 2015, more than doubling its losses of £264m a year ago. In its annual results published today, conduct and legal risk charges increased to £193m from £101.2m for the year due to higher provisions for missold payment protection insurance. To reduce costs for the […]

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Caspar Rock quits Architas for Cazenove

Cazenove Capital Management has poached Caspar Rock from Architas for the role of chief investment officer. Rock will join Cazenove in the third quarter of this year, reporting to Andrew Ross, chief executive of Cazenove. Richard Jeffrey, who is currently Cazenove’s chief investment officer, will take on the role of chief economist. Previously Rock was […]

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Richard Freeman: Reforming irrational FSCS levy will boost advice

Proposed reforms to the Financial Services Compensation Scheme levy could have a lasting impact on the financial planning industry. The devil is in the detail as they say, but recommendations put forward in the Financial Advice Market Review final report could make a real difference to firms. The paper suggests the introduction of a risk-based […]

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