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Norwich Union slashes with-profits payouts

Norwich Union is to slash payouts for with-profits by 5 per cent because of current market conditions. It will also cut reversionary bonuses by 0.5 per cent. The cuts will take effect from August 1. It says the stockmarket decreases of 25 per cent this year have seen the returns on its with-profits funds fall to minus 8.3 per cent. The company says the payouts still reflect smoothing and it is still committed to with-profits.

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Moore&#39s code

It may sound surprising given the acres of space they have been filling in every publication touching on financial services but the Sandler and Pickering reviews are a long way from the being the biggest issues facing the financial services today.Oh sure, they have occupied two highly qualified and bright men and their highly qualified […]

Cazalet attacks Standard Life

Influential analyst Ned Cazalet has launched a scathing attack on Standard Life, saying its reserves are severely depleted and that it is pursuing a high-risk investment strategy.Speaking at a round table organised by F&C, Cazalet said: “Standard Life has lost £9bn out of its £10bn capital. Standard Life is taking riskier and riskier bets. Standard […]

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FSA chairman Howard Davies has announced that the regulator is to consult on the controversial practice of short selling in early October.Short selling, the practice of selling shares that you do not own, has been blamed for contributing to the slide in the markets.Speaking in Manchester this morning, Davies said: “I should make it clear […]

Zurich moves Keogh from ZIFA to ZAN

Zurich Financial Services has appointed Chris Keogh as financial planning director of Zurich Advice Network. He was previously distribution director of Zurich IFA Group. The appointment comes ahead of an announcement on the company’s distribution strategy in Autumn to take advantage of the current changes in the market.

Canada Life annual IHT survey results

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