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Royal London life and pensions sales up 12%

Royal London’s life and pensions sales have increased 12 per cent from £2.3bn in the first nine months of 2010 to £2.5bn on September 30, 2011.

New business at Scottish Life increased 13 per cent from £1.6bn in the first nine months of 2010 to £1.8bn in the first nine months this year.

New business at Royal London 360˚, the group’s international arm, increased 32 per cent from £233m last year to £308m this year.

Sales at the provider’s protection businesses Bright Grey and Scottish Provident remained almost unchanged at £250m over the same period.

New assets under administration on the Ascentric platform increased 20 per cent from £868m last year to just over £1bn September, 2011.

However, Royal London Asset Management suffered a 66 per cent slump in new business from £619m last year to £218m this year.

Royal London chief executive Phil Loney says: “All our operating businesses have performed well in very difficult markets.

“I am confident that the group remains well positioned for the future.”


Jenkins wins select support

The Treasury select committee has backed the Chancellor’s appointment of former Investment Management Association chairman Robert Jenkins as an external member of the interim Financial Policy Committee. The Chancellor made the appointment in July and the select committee approved the decision after a hearing with Jenkins last week. The interim FPC has been established to […]


HMRC clarifies VAT stance for adviser charging

Advice where a customer agrees to take out an investment product following adviser recommendations will be exempt from VAT post-RDR under draft guidance published by HM Revenue & Customs. HMRC published the draft guidance today on when advice given after the RDR is liable for VAT. The guidance states that if a customer agrees to […]

Funding drought goes on as RMBS issues held back

Recent residential mortgage-backed securitisation issues are not translating into increased mortgage lending as banks are retaining a significant proportion of the funding, according to industry experts. Following the financial crisis, activity in RMBS markets fell off significantly as investors shied away from investing in bonds backed by mortgages. In the past 18 months, activity has […]

Aifa and IFP want risk link

Aifa and the Institute of Financial Planning have called on the FSA to link regulatory fees to risk as the two bodies hit out at plans to base fees on firms’ income. Aifa director general Stephen Gay says: “Income-based fees can run the risk of decreasing efficiency and productivity in the profession, punishing firms that […]


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