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Penrose critisises Board for policy omission

The decision to recover the costs of annuity guarantees from terminal bonuses was not for a decade disclosed to the Board, which failed to inform policyholders for another three years, according to the Penrose report.
The report says this failure must be regarded as a serious omission in communication to policyholders of relevant information about their prospective interests from at least 1988.

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Gasparro joins Threadneedle

Former Schroders retail chief David Gasparro has joined rival Threadneedle to co-ordinate the group&#39s retail strategy for the UK and Europe. Gasparro, who left his role as head of investment products last September, becomes head of retail responsible for overseeing growth in areas including France and Switzerland, where Threadneedle has recently launched businesses. He will […]

Digest

The Diary would like to warn readers against becoming too enthusiastic at conferences. It seems there was more going on at the Funds Network IFA Forum in London than just the usual fund manager chit-chat. The delegates got rather carried away with the conference&#39s Superstars theme. Things got so competitive that First State&#39s Richard Jones […]

Problem unique to Equitable – Penrose

The ABI says the Penrose Report shows the problems at Equitable Life were unique to that company and not symptomatic of life offices in general. The ABI has welcomed the further reviews announced by Treasury financial secretary Ruth Kelly but says they must avoid imposing costly or unnecessary burdens on the rest of the industry. […]

Standard slashes direct salesforce jobs

Standard Life is slashing its direct sales arm by more than half, reducing the number of direct sales staff to 270 from 630 with the potential loss of 360 jobs. The number of direct sales branches will fall to 11 from 21. The restructuring will see the existing direct customer division divided into three separate […]

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Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

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