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Policyholders take a step forward

Life office policyholders have taken a step closer to gain-ing direct

representation on the boards of insurancecompanies.

The Department of Trade and Industry is examining the issue as part of a

wider review of corporate governance.

The move was prompted by former Allied Dunbar deputy chairman Lord Joel

Joffe. He tabled an amendment to the FSA legislation last week which would

have made member representation legally binding.

After a brief debate in the House of Lords, Joffe withdrew his amendment

on the understanding that the Government would actively consider the


According to a Depart-ment of Trade and Industry spokesman, the companylaw

review will be a “fundamental look at all aspects of company law, out of

which itis likely that recommendations will be made.”

The independent steering group conducting the review is expected to report

in spring 2001. The Government will then decide on possible legislative


Ideally, Joffe wants 50 per cent of the seats on boards directly elected

by policyholders but he has said that he would accept one-third. is claiming to be the UK&#39s cheapest online sharedealing

service, charging a flat rate of £10 a trade, regardless of size.

The independent broker claims an average internet investor trading 12

times a year, investing £5,000 each time, could save up to £375 by

switching from Charles Schwab.

Managing director Foster Bowman (pictured above) says most charging

structures are designed to confuse.


Clerical CD sets out its policy on investment

Clerical Medical is to dist-ribute a CD-Rom to IFAs det-ailing thecompany&#39s investment strategy.It will serve both as a tool to tell intermediaries about the products theinvestment arm of the life office offersand for IFAs to use when meetingclients.It has produced 5,000 copies initially. Clerical regularly does businesswith around 6,000 IFAs and has more than 20,000 […]

Audit report will warn public not to bet on free LTC

An independent report from the Audit Commission will highlight the needfor IFAs to warn clients not to gamble on the state providing freelong-term care.The report, published this week, shows that individuals can end up payingthe same for state care as they would for private care.Long-term care insurers say the report is a classic example of […]

Law is an asset

Of all the changes to taxation introduced in this year&#39s Budget, the mostexciting for business owners, employees and directors with a shareholdingin the company for which they work will be the taper relief provisions forbusiness assets.The proposals for dramatically improving taper relief have now beenembodied in clauses 65 and 66 of this year&#39s Finance Bill, […]

Income-protection broker is jailed for £200k fraud

A broker specialising in income protection was sentenced to six months injaillast week after admitting fraudulent trading.Andrew William Hill, sole director of broker Denis Hilton appeared at theOld Bailey after magistrates at the City of London magistrates courtsdecided last month that their powers of sentencing were insufficient.Hill had admitted the misuse of monies intended for […]


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