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Old Mutual to launch hostile bid for Skandia

Old Mutual will launch a hostile bid for Skandia Life after its 3.1bn offer for the Swedish company was rejected this morning.

A majority of eight to three of the Skandia board ruled the offer is not attractive for Skandia’s shareholders.

Old Mutual said its offer remained a compelling proposition for Skandia Life’s shareholders and that it would persist with the bid.


Turner says he is caught in a compulsion conundrum

Pension Commission chairman Adair Turner used his speech at the Trades Union Conference in Brighton last week to emphasise the arguments against pension compulsion without ruling out the controversial policy. He told the conference delegates – many of whom advocate compulsion – that the weight of public opinion is firmly against compelling people to save […]

FSA bans IFA on bond misselling

The FSA has banned a former director of a St Albans IFA for a catalogue of rule violations including precipice bond misselling. Idris Nagaty, formerly a director of liquidated firm Young Ridgway Associates, breached a number of the FSA’s Statements of Principle for approved persons. The FSA judged that Mr Nagaty failed to ensure that […]


FSA slip-up reveals its view of depolarised industry

The FSA has unwittingly broken its silence on the emerging shape of the IFA market post-depolarisation after mistakenly releasing deleted extracts from a recent speech by chairman Sir Callum McCarthy.In the original draft of the speech given earlier this week, McCarthy suggested that most IFAs have managed to adapt to depolarisation and the requirement to […]

Standard Health buys First Assist

Standard Life Healthcare has announced the purchase of the private medical insurance business of First Assist Insurance Services for an undisclosed sum. It is expected for the transfer of business to be completed by 2006. The deal includes the transfer of all people involved in the running of this business along with all current contracts.

Planning now for the residence nil-rate band

Graeme Robb, senior technical manager at Prudential, writes about the residence nil-rate band and the advice opportunities it presents for you when tax year-end planning with your clients. On our Planning Matters hub, we considered a widow, Margaret, and a married couple, John and Anne, for whom the residence nil-rate band (RNRB) is influencing planning […]


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