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Resolution founder plans £600m swoop on US insurer

Resolution founder Clive Chowdery is reportedly planning to purchase US insurer Lincoln Benefit Life for £600m, his first move into the US.

According to a report in the Sunday Times, Cowdery is competing for control of the business – owned by American insurance giant Allstate – with private equity firms TPG Capital and JC Flowers.

In December, Resolution set out plans to ditch its externally advised operating structure in a move to protect its premium listing on the London Stock Exchange.

The restructure saw the boards or Resolution Operations LLP (ROL), which provided advisory services in relation to mergers, acquisitions and group strategy, and Friends Life merged.

In January last year, the Financial Services Authority, now the Financial Conduct Authority, set out plans to prevent firms which are managed by an offshore advisory company from having a premium listing on the LSE. This is similar to the structure currently used by Resolution. The rules are set to come into force in January 2014.



Linda Smith: Capital adequacy requirements could rocket over the next two years

Recent research has revealed that the majority of firms believe they are sufficiently capitalised to meet the FCA’s changing capital adequacy rules. NMG Consulting’s Financial Adviser Census shows that half of firms already hold £20,000 or more – which on the surface meets the regulators’ new requirement. However, bearing in mind the introduction of the […]


MPs: MAS ‘doesn’t know what it’s doing on money advice’

The Treasury select committee has attacked the Money Advice Service for not being clear about its objectives and spending, claiming it ”does not know what it is doing” in regards to delivering financial advice.  MAS chief executive Caroline Rookes appeared before a TSC sub-committee hearing today as part of an inquiry into the service which has […]


Apfa warns advisers are not prepared for new cap-ad requirements

The Association of Professional Financial Advisers has warned firms are not prepared for the new capital requirements being phased in from the end of the year.  The new prudential rules for personal investment firms mean all advisers must hold capital worth the greater of four weeks expenditure based requirements or £15,000 by the end of 2013, the […]

Cost conundrum

Which? research shows 99.5 per cent of people do not understand the total cost of mortgage deals

Developing your personal relationships – Webex

Read more 9amFinancial advisers and solicitors working together Presented by Ian Muirhead, director & chairman at Solicitors for Impartial Advice (SIFA) Listen to Ian’s expert insight and experiences of how financial advisers and solicitors can work together to deliver mutual benefit and enhanced client outcomes. Register here 10am Financial advisers and accountants working together Presented […]


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