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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.”

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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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