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Paternoster in talks with regulator over buyout licence

Paternoster chief executive Mark Wood is in discussions with the FSA about suspending the firm’s licence to buy new pension schemes.

Wood refused to comment on speculation that the firm had been in talks with rival buyout vehicle Pension Corporation about a takeover. Newspaper reports claim discussions fell through last week due to price.

He says: “A sale is a matter for our shareholders. An approach to our shareholders is a matter for them but it would obviously be considered.”

Wood says the firm is temporarily choosing not to write new business to ensure it can support existing customers. He says: “We are not expecting any significant volume of business written for the next year or 18 months because of the condition of the credit markets. We would prefer to support our existing policyholders with our available capital than continue to write new business at the moment.”

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