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Scot Life members to get windfall two months early

Scottish Life members will receive their £500 loss of membership rights over the next week, two months ahead of schedule.

The cash payouts will go to around 190,000 of the 218,000 qualifying policyholders. The remaining 28,000 qualifying members are mainly trustees and policyholders who have not yet been traced. They will be sent their payments over the next few weeks.

The windfalls amount to £95m and were not expected until the end of September. The payment follows the transfer of ScotLife’s business to Royal London on July 1.


Independent view by Peter Hargreaves

Once upon a time, there was a very respectable firm of insurance brokerscalled Hogg Robinson. Like all insurance brokers, it had a life and pensionarm which was known as Advizas. But, for whatever reason, Hogg Robinsondecided it did not like life and pensions and put Advizas up for sale. Along came a publiclyquoted company which […]

The Daley Update

Credit Suisse Asset Management is cutting the initial charge on its incomefund by 1 per cent to 4.25 per cent until August 31. The fund, managed bystar manager Bill Mott, has been one of the best performers in the pastyear, with a return of around 11 per cent for the 12 months to mid-July.Minimum investment […]

Misys ends UK buys and turns to Germany

Misys chairman Kevin Lomax has called an end to UK acquisitions, havingreached market saturation with the takeover of DBS and the Assureweb portalin June. The company now plans to redirect its purchasing power at the Germanfinancial services market. It says it could be up to £1m out of pocket because of the collapseof Independent Insurance, […]

Banking sector chops branches

Over the last five years the banking sector has closed almost one in five of its branches according to a new study by the Building Societies Association. &#39Banking Business: An Abstract of Banking Statistics 2001&#39 reveals converted institutions, building societies that are now banks, occupy three of the top four places for companies closing most […]


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