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 […]
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Lawyers who represent investors against Berkeley Burke over allegations of mis-sold Sipps estimate more than 1,000 claims could be in the pipeline. The High Court has approved a group litigation order relating to claims against Berkeley Burke Sipp Administration, and those affected have until 23 July 2018 to register to join the group action. It […]
Do not be spooked by recent falls. The bull market has further to run. Stockmarkets have been thriving in the not-too-hot, not-too-cold “Goldilocks” backdrop of the last few years. Growth has been strong enough to boost profits, and inflation low enough to keep central bank policy loose. Recent stockmarket weakness is centred on signs that […]
The FCA continues to engage with the asset management industry on new European regulations as questions remain over how firms should report costs and charges. After over a month since Mifid II and Priips came into force, concerns have been raised on how fund fees, in particular transaction costs, should be calculated under the two […]