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Ron Sandler unveiled as Paternoster chairman

Ron Sandler has been signed up as chairman of closed life fund consolidator Paternoster.
Sandler, current chairman of financial education charity PFEG and former chief executive of Lloyd’s of London, takes up his position with immediate effect. He is also currently chairman of Computacenter, Kyte Group and Oxygen.
Paternoster, led by former Prudential UK chief executive Mark Wood, has already signed up former FSA chairman Sir Howard Davies, former Zurich chief executive Lord Leitch and former Institute of Actuaries president Jeremy Goford to its non-executive board.
Paternoster has raised a warchest of £500m from a consortium of institutions led by Deutsche Bank and Eton Park International to buy up defined pension schemes from UK companies looking to offload .


Lehman aims to lead non-standard market

Lehman Brothers has unveiled plans to challenge HBOS in non-conforming mortgages after merging two subsidiaries to create a non-standard giant. The firm wants to be market leader in the non-standard sector and claims it is already number three after amalgamating Preferred and SPML’s operations. It says London Mortgage Company, which it recently acquired, could join […]

IFS says advisers getting appetite for equity release

The Institute of Financial Services says there are signs that advisers are showing an appetite for equity release despite fears in the industry of a shortage of brokers.The IFS, which celebrated the first anniversary of its certificate in lifetime mortgages last month, says it has had a good take-up for the qualification that was launched […]

Direct buyers face IHT blow

Consumers who have bought protection products direct and then placed them in trust are being warned that they could face a future inheritance tax hit following the Budget changes. Sesame head of propositions and commercial development Alastair Conway says there is a very high likelihood that these consumers will need advice following the Chancellor’s attack […]

‘Set aside politics to give NPSS 20 years’

The pension debate needs to be depoliticised if Lord Tuner’s NPSS is to survive long enough to improve pension saving, warned ABI director general Stephen Haddrill. Speaking during a panel debate at the IEA conference, Haddrill said if the NPSS is to last 20 years, party politics must be set aside and the policy backed […]


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