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Royal London issues message of reassurance

Royal London chief executive Mike Yardley has written to IFAs to say on the basis of work already carried out he has no reason to believe any of the problems identified in respect of Standard Life will impact on Royal London.

Subsidiary Scottish Life is also produced a detailed background guide to financial strength, itemising the individual factors on which mutuals and plcs are judged.

Yardley says: “I am pleased to assure you that Royal London has had routine discussions with the FSA over the past few months in connection with the development of our own realistic balance sheet. On the basis of the work already carried out, there is no reason to believe that any of the problems identified in respect of Standard Life will impact on Royal London.”


Gasparro joins Threadneedle

Former Schroders retail chief David Gasparro has joined rival Threadneedle to co-ordinate the group&#39s retail strategy for the UK and Europe. Gasparro, who left his role as head of investment products last September, becomes head of retail responsible for overseeing growth in areas including France and Switzerland, where Threadneedle has recently launched businesses. He will […]

Abbey axes annual bonuses

Abbey has admitted that no annual bonus will be paid for the with-profits policies of Abbey National Life, Scottish Mutual and Scottish Provident except where guaranteed rates of bonus apply. Terminal bonus rates will also be reduced for unitised and traditional with-profits policies from March 2004. Abbey says the stockmarket recovery has been too short […]

Arla asks MPs to tackle landlords in rental sector over deposit abuse

The Association of Residential Letting Agents is asking an all-party group of MPs for help in tackling deposit abuse in the Private Rented Sector by giving letting agents and their landlords an explicit choice. The body wants to see landlords meet either the standards of an appropriate lettings industry body or hand over tenants&#39 deposits […]

Law firm to help mortgage brokers deal with increase in complaints

Birmingham law firm Financial Services Legal is organising a series of seminars to help mortgage and general insurance brokers prepare for a potential rise in complaints post regulation. FSL Legal consultant Gareth Fatchett says the transfer of responsibility to the FSA of mortgages and general insurance will give greater rights to all consumers to a […]


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