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Mutual life offices&#39 corporate governance to be reviewed

Financial Secretary to the Treasury Ruth Kelly has commissioned two independent reviews as a consequence of the findings of the Penrose inquiry.

Paul Myners is to lead a review into the corporate governance arrangements applicable to mutual life offices, and will look at board accountability for mutual life offices and the level of regulation to which they are subject by the FSA, amongst other things.

Sir Derek Morris will lead a review of the actuarial profession, and Kelly has also requested that the Accounting Standards Board undertakes an urgent study into the accounting for with-profits business by life insurers.

Kelly said: “Although, as Lord Penrose himself points out, the problems at Equitable arose as a result of the particular circumstances in place during the inquiry period, the Report raises important questions for the governance of mutual life offices in general. The Government sees no reason in principle why boards of mutual life offices should not be as accountable to their members as those of comparable companies are to their shareholders.”


Personal Touch Insurance launches online conveyancing service

Personal Touch Insurance has launched an online conveyancing service, Personal Touch Conveyancing. The service is for intermediaries registered with PTI. PTI says it can save their clients up to 40 per cent on their conveyancing bills and for every completion the intermediary will earn a £50 fee. The service is provided in partnership with the […]

&#39Treasury and Revenue free of CTF misselling claims&#39

The Treasury and the Inland Revenue will be protected from any misselling allegations over child trust fund allocation, according to the Government&#39s response to the Treasury select committee&#39s second report into the CTF. The Government&#39s response to the select committee&#39s report, published last week, disregards the committee&#39s advice to review the method it will use […]

Correspondent&#39s week

They say that travel broadens the mind and until now I have had to agree – catching up on the newspapers on the daily commute to and from the Sunday Telegraph was a fine way to do it. However, since leaving the paper and setting up the website with PR doyenne Angela Madden, travel […]

Labour spends money on advertising; we&#39ll spend it on pensioners – David Willetts

Speaking at the Conservative Party Spring Forum in Harrogate shadow pensions secretary David Willetts panned Labour for spending £47m on advertising means-tested benefits. He promised that his party would cut the advertising &#39explosion&#39 by the Department for Work and Pensions. Willetts said: “Why do you think there&#39s another expensive advertisement from the Government trying to […]


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