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.
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 […]
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 […]
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 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 companys distribution strategy in Autumn to take advantage of the current changes in the market.
75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
The Personal Finance Society has updated its guide on pension transfers from defined benefit to defined contribution schemes for advisers. This replaces the earlier good practice guide first published in February 2017 and registers a number of important developments in the market. These include the FCA’s consultation about advising on transfers and its supervisory work […]
The ability to cascade funds tax efficiently down through the generations is a key driver behind demand for DB transfers
Gold prices historically have maintained a tight, inverse relationship with real yields on 10-year US Treasuries, but this relationship has weakened in the past year, suggesting the precious metal’s price is now being driven by other forces. Real yields are adjusted for inflation, so the real yield on 10-year US Treasuries, for example, is the […]