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NU cuts protection rates

Norwich Union has cut its rates for mortgage life insurance and term assurance.

The firm has focused on providing affordable cover for sums assured of £175,000 and above and says the reprice is designed to help those feeling the effects of the credit crunch.

Those buying life cover with a critical illness policy will benefit most as decreasing term insurance with CI has been cut by an average of 3 per cent while level term with CI has seen an average cut of around 2 per cent.

Head of protection marketing Darren Dicks says: “There is still a huge demand for people to get on and move up the housing ladder with around a quarter of a million mortgages taken out in the last quarter alone. The credit crunch has meant that money is tighter for a lot of mortgage holders, so we are delighted if we can help people to save in other areas.”


Fed cuts rates for second time in nine days

The Federal Reserve cut interest rates again last night in a second bid to avoid a recession in the US.The central bank deliberated for two days but decided to reduce rates from 3.5 per cent to 3 per cent. Last week the cost of borrowing was slashed by .75 per cent from 4.25 to 3.5 […]

Fitch downgrades Friends Provident after strategic review announced

Fitch Ratings has downgraded Friends Provident’s insurer financial strength rating to A from A plus and its long-term issuer default rating to A minus from A.It has also changed the outlooks for both these ratings from stable to negative in response to Friends Provident’s announcement of its strategic review today.Friends plans to reshape its UK […]

A&L secures funds but faces £185m hit

Alliance & Leicester says it now has enough funding in place until the end of 2008. In a statement, the lender reveals it faces a £185m hit over the credit crunch, up from £55m last November.

Whelan to join Fidelity Intl for European multi-manager

Fidelity International has appointed of Dermott Whelan to its multi-manager team as portfolio manager.Whelan has been at US investment firm Morgan Stanley for 18 years and has a 10-year track record in investment management. He will run Fidelity’s European equity portfolio when he joins in March.As well as running European equities at Morgan Stanley, Whelan […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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