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Royal & Sun Alliance to face misselling fine

Royal & Sun Alliance is facing an as-yet-unknown fine from the FSA for pensions misselling as part of the pensions review.

The group, which has been trying to sell off parts of its life business this year, admits in its latest Treasury returns it is expecting a fine by the FSA following an inspection of R&SA’s pension transfer business in August 2000.

R&SA has also set aside around £8.2m for mortgage endowment compensation.

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Scottish Mutual chief executive steps down

Scottish Mutual chief executive Graham Pottinger is leaving the Abbey National group at the end of June. His departure follows a restructuring of the Abbey’s long term savings businesses. The businesses are being brought in to one division which will be headed up by Mac Millington who was formerly managing director of its business to […]

Bristol & West – Guaranteed Equity Bond Tessa Only Isa

Wednesday, 5 June 2002 Type: Guaranteed equity bond Aim: Growth linked to FTSE 100, Eurostoxx 50, Nikkei 225 indices Minimum-maximum investment: £3,000-£21,000 Term: Five years Guarantee: Original capital returned in full at end of term Return: Up to 70% of growth in indices Closing date: July 31, 2002 Commission: Initial 3.5% Tel: 0845 1110118

Forums focus on depolarisation

Fund supermarket FundsNetwork&#39s annual series of E-volution adviser forums will take place this year at seven venues around the country throughout June. They will focus on the implications and opportunities of depolarisation for IFAs and consider the new types of relationships advisers are likely to have with providers. The forums start in Belfast on June […]

A consumer&#39s view

The FSA&#39s review of with-profits is a damp squib, a missed opportunity and has been described by the Consumers&#39 Association as “naive and pathetic”. Many observers may think this is the understatement of the year.Howard Davies, the chief executive of the FSA who conducted the review, has failed to deal with most of the fundamental […]

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