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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.”


Aviva sets out orphan clause

Aviva has added a clause to its terms of business document for IFAs, specifying that it can market directly to clients that it deems to be orphaned by their adviser.

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


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