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Phoenix Group terminates talks with private equity firm

Phoenix Group has terminated takeover talks with private equity firm CVC.

In a statement to the stockmarket this morning, the closed life firm says it is not in acquisition discussions with any other firm.

Phoenix announced in November that it was is in early stage discussions with CVC over a possible £1bn takeover. It had previously been in talks with Clive Cowdrey’s consolidation vehicle Resolution.

Phoenix Group chief executive Clive Bannister says: “Whilst the board is obliged to consider credible approaches, the terms proposed by CVC did not reflect our view of the full value of Phoenix and its stable, long-term cash flows.

“As a result, we have mutually decided to terminate these discussions. Phoenix continues to focus fully on our business, customers, shareholders and staff to maximise the potential of our powerful consolidation platform.”


£4M earmarked to repay Keydata cash

The Financial Services Compensation Scheme has set aside nearly £4m from its budget for next year to recover the cost of compensating Keydata investors. Last week, the FSCS published its plan and budget for 2012/13. The proposed budget for the scheme’s management expenses, which is separate to compensation costs, is £65.2m, an 11 per cent […]


The MPs who will scrutinise financial regulation plans

The MPs who will scrutinise the Financial Services Bill have been announced and are due to meet for the first time on February 21. The 20 MPs will propose and debate amendments to the bill which will break up the FSA. It will conclude its work by March 20. It will have one month to […]

BM Solutions to cut B2L fixed rates by up to 0.3%

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7IM integrates Voyant service onto platform

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Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Fine words Mr Bannister, but the reality is different. The disgraceful way you treat your ‘customers’ is, in my experience, the worst in the industry. Payments not made, guarantees not honoured, writing to clients ‘Dear Mr ….. Deceased and Mrs …’ , inordinate delays, appalling investment performance – the list goes on. Be honest, your company exists SOLELY to derive maximum returns from the unfortunate policyholders who fall within your grasp, and you will apply the minimum resources to achieve this objective.

  2. 100% correct Neil (Duthie) absolute disgrace, continually not acting on clients instructions, sending personal information to wrong people, delaying release of funds the list DOES go on…..Your view of cash flows may look good on the boardroom table but that’s no measure of client satisfaction.

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