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Royal London welcomes Government reviews

Royal London has welcomed the Government&#39s move to commission two independent reviews in the wake of the Penrose Report believing it will go some way to restoring consumer confidence in the industry.
It says it recognises the importance of a review of the actuarial profession, including the Government Actuary&#39s Department, saying sound actuarial management and prudential supervision of life companies is central to market confidence.
Royal London says it recognises the need for public confidence in the industry to be re-established and given Lord Penrose&#39s comments is unsurprised the Government wants to also review mutual company governance.
It says professional and regulatory frameworks have developed significantly since Equitable&#39s problems started.
Royal London says: “It is very important to note, as Ruth Kelly has indicated, that the problems at Equitable Life resulted from a unique set of circumstances. We do not believe that these problems reflect any fundamental or systematic flaws in the governance of mutual companies. We believe the primary issue is whether a company is well run or poorly run, rather than whether it is a mutual or plc.”


&#39Treasury and Revenue free of CTF misselling claims&#39

The Treasury and the Inland Revenue will be protected from any misselling allegations over child trust fund allocation, according to the Government&#39s response to the Treasury select committee&#39s second report into the CTF. The Government&#39s response to the select committee&#39s report, published last week, disregards the committee&#39s advice to review the method it will use […]

Franklin Templeton – Templeton UK Equity Fund

Type: Oeic Aim: Growth by investing in UK companies Minimum investment: Lump sum £1,000, monthly £30 Investment split: 100% in UK equities Isa link: Yes Pep transfers: Yes Charges:Initial 5%, annual 1.5% Special offer: Initial charge reduced to 3% Offer period: Until April 30, 2004 Commission: Initial 3%, renewal 0.5% Tel: 0800 305306

Baring Asset Management – Baring Directional Global Bond Trust

Type: Unit trust Aim: Growth by investing long and short in Government bonds and money market instruments Minimum investment: Lump sum £1,000 Investment split: 100% in bonds and money market instruments Isa link: Yes Pep transfers: Yes Charges: Initial 5%, annual 1.75% Commission: Initial 3%, renewal subject to negotiation Tel:020 7214 1900

Schroders size up UK market

Schroders has introduced the Schroder UK Large Cap fund, a unit trust that invests in a portfolio of between 25 and 45 stocks listed on the FTSE 100 index. Schroders says that many IFAs and clients are making asset allocation decisions for themselves but there are not many funds invest exclusively in UK large caps. […]


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