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NU slaps guarantee charge on NUL&P fund

Norwich Union is placing a 0.75 per cent charge to pay for guarantees on its NU Life & Pensions with-profits fund to allow it to maintain its 52 per cent equity backing ratio.

The life office has also published principles and practices of financial management for all of its with-profits funds. Under the FSA&#39s new realistic reporting regime all with-profits providers must publish PPFMs which set out how companies will run the funds.


ABI debunks protection jargon with guide for IFAs

The ABI is to consult on revising its statement of best practices for protection products in advance of FSA regulation in January. As part of the consultation, the ABI is expected to issue a guide next week debunking some of the medical jargon on protection products in a bid to make it easier for IFAs […]

TMB rolls out processing service

The Mortgage Business is launching a new online mortgage processing service for intermediaries. TMB Interactive is being rolled out to all intermediaries and packagers in May, giving them the facility to process mortgage applications entirely electronically. It will speed up the mortgage process and give an instant online decision with an immediate agreement in principle […]

See you later, alligators

After 20 years in personal finance – and at the conclusion of the sale of Wentworth Rose to Aegon, which should be very good for both companies – I find myself leaving the industry, at least for a year or two. This provides me with a rare opportunity to examine the swamp without worrying about […]

Locked up for unlocking scam

A tax consultant has been jailed for four years for a pension unlocking scam that transferred £16.5m from an occupational scheme. Anil Kumar of The Broadway, Letchworth, Hertfordshire was found guilty of cheating the public revenue of £5.5m tax through the scam that earned him and his partner Peter Rumball £2m in commission between 1997 […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.


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