Norwich Union will be refunding 70,000 unit linked fund policyholders after discovering not all its charges were correctly disclosed. The move will see policyholders given an increase in their policy value averaging 90. NU will be writing to customers in the next three months to advise them of the refund and when their policy value will be increased.
Now the general election is behind us there is another important election, or rather referendum, coming up. I doubt that the gilt market would react very much to the result of the general election as the difference in macro economic policy between the two main parties, at least for the first two years after the election, is not big enough to generate wild swings in interest rates.
American International Group, the world’s largest insurer, has cut 1.4bn from its net worth after detailing a list of accounting misdemeanours dating back to 2000.
Money Marketing swept the board at the headlinemoney awards ceremony last week, winning all three trade journalism prizes.
GE Life is cutting its lifetime mortgage interest rate from 7.19 to 6.69 per cent, making it one of the most competitive products in the market.
Just a quick post to alert our followers to the fact that the new Fit for Work service is – according to the rollout map – now available in all geographical areas of England and Wales.
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]