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People on the move: Life and pensions

Nick Prettejohn will step down from his position as chief executive of Prudential UKand Europe in September.

Prudential has chosen Lloyds Banking Group direct channels UK retail banking managing director Rob Devey to replace Prettejohn at an unconfirmed date. Prior to joining HBOS, Devy was a consultant with Boston Consulting Group in both Europe and the US working in financial services.

Standard Life has hired Sheelagh Whittaker as a non-executive director with effect from September 2009.

Aviva executive director and chief financial officer Philip Scott will step down at the end of the year after 36 years with the group. Aviva is currently looking for a replacement for Scott. He has held a number of positions, including chief investment officer and group finance director. Following the merger creating Aviva in 2000, he became chief executive of the UK life business and then became executive director life International in 2003.

Living Time has boosted its salesforce with 10 new recruits from the Hartford, which pulled out of the UK market in May. Living Time previously had 15 staff on the ground and five phone support staff but now has a sales team of nearly 30 and 10 staff in call centres.

Robert Graves has been made head of technical services at Rowanmoor Pensions, where he will be responsible for the overall technical services within the business. Graves joined Rowanmoor Pensions in February 2008, where he worked on the Rowanmoor Pensions’ Sipp which launched in May 2009.

Former Towergate Financial Services chairman Patrick Snowball has been appointed chief executive of Australian insurance giant Suncorp. Snowball stepped down from the TFS board in June after it was folded into a division of Towergate Partnership.

Paymentshield has hired Tim Johnson as its new chief executive. Johnson, currently CCV chief executive, replaces Stuart Pender, who becomes non-executive chairman. Former Erinaceous Insurance Services chief executive Andy Halstead has been made sales and marketing director.


Get ready, Eddie

From 2010/11, the basic personal allowance will be subject to an income limit of £100,000. Where an individual’s “adjusted net income” is below or equal to the £100,000 limit, they will continue to be entitled to the full amount of the basic personal allowance.

Suspicious minds

Few investors believe whole-heartedly in the recent rally. This is because it has been led by highly indebted oversold stocks such as banks while more defensive companies with stronger balance sheets have been left behind. Many investors now want to see actual demand pick up before deploying more of their cash into the market. As a result, they are behaving with suspicion and caution – a recognised stage in the investor psychology cycle.

Raise the red flag issues

In 1865, Britain introduced the Locomotives on Highways Act, better known as the Red Flag Act. Among other things, the act stipulated that all mechanically powered road vehicles must be preceded by a man on foot waving a red flag to warn the public.


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