Norwich Union has stepped up its attempts to reattribute 3.4bn of orphan assets within two of its with-profits funds by moving to appoint a pol- icyholder advocate to look into the deal.The company says there is no clarity over who legally owns the orphan assets and it is looking at bringing a case to court in the next couple of years in a bid to establish legal ownership. This follows similar moves by Axa, Pearl and Britannia in recent years. The policyholder advocate, required to provide a balance in any such case since 1995, is likely to be an actuary, retired judge or lawyer. NU senior actuary John Lister says: “It is clear that the orphan estate does not belong to policyholders but there is no legal clarity of ownership over the assets.” Which? senior policy adv- iser Mick McAteer says the Government’s decree that distribution of orphan assets should be 90/10 in favour of policyholders means there should be no question marks over ownership. He is concerned that any policyholder advocate would be funded by NU so their ability to influence decisions would be limited. McAteer says: “This behaviour is only acceptable in the Alice in Wonderland world of with-profits.” Cazalet Consulting principal Ned Cazalet says in all previous cases, the regulator has stipulated that the orphan assets cannot be removed from the long-term fund, so even if shareholders do get a big share, it is likely to be at least 10 years before they see any of the money.
This week by Daily Telegraph investment columnist Tom StevensonIt seemed like a good idea at the time – going freelance. No more dreary Sundays in the office struggling to follow up someone else’s story or sitting around just being there when your work was long done – the curse of presenteeism.
Sesame has picked Assureweb to power its multi-tie, four months after the network broke ties with the portal after a provider buyout. The deal comes as the portal battle for new multi-tie contracts intensifies with The Exchange announcing it will supply all the technology behind Lord Leitch’s Intrinsic project. Sesame commercial director Charles Bryant says […]
Man Investments has given investors a new opportunity to invest in Man-IP-200 by adding euro and dollar share classes to this capital-protected portfolio of futures and hedge funds.
Women are from Venus, men from Mars – discuss. No matter how you start this conversation, one of you will end up grumpy but one area where there will be no disagree-ment is women and pensions.
In June 2016, immediately before the Brexit referendum, a curious thing happened. Despite the colossal uncertainty facing the UK, economic data actually started to come in above consensus forecasts. Citi’s economic surprise index nudged into positive territory, which meant that UK economic data had on the whole outperformed consensus forecasts over the prior three months. […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
HM Revenue & Customs has published guidance on how new income tax bands in Scotland will affect pension schemes and their members. The note is a response to the Scottish Government’s confirmation it will introduce five income tax bands for 2018/19. Pension savers in Scotland currently receive pension tax relief at their marginal rate but […]
SimplyBiz Group is considering an initial public offering of £150m on the London Stock Exchange. According to a Reuters report, the potential float could value the company between £140m and £155m and is expected to raise £30m of new money. SimplyBiz joint group chief executive Matt Timmins confirms the business has recently appointed Zeus Capital as […]
Brewin Dolphin has been ranked the preferred DFM in a Money Marketing survey of advisers and paraplanners, well ahead of the next most favoured, Quilter Cheviot. Thirty-three per cent of respondents listed the business as their preferred DFM, followed by 10.2 per cent responding in favour of Quilter Cheviot. LGT Vestra, Brooks Macdonald and Parmenion […]