The Sedgwick Noble Lowndes name is set to disappear from January 1 as the firm is merged into William M Mercer. The move follows the takeover of Sedgwick Group by Marsh & McLennan, Mercer's parent company, in August. Mercer's UK chairman and chief executive David Barford will assume responsibility for UK operations. Sedgwick Noble Lowndes UK chairman Robert Walker has been forced into early retirement.
Demand for life insurance and pension policies is continuing to rise according to the Association of British Insurers.Its third quarter figures sales of new life policies, individual pensions and collective investment schemes rose by 8 per cent to £7.5bn.Single premiums rose by 16 per cent to £4.3bn and new annual premiums rose 8 per cent […]
Clinicare is opposing a European Commission recommendation that alternative medicine practitioners should be subject to much tighter regulation.The private health insurer says that it can advise policy holders on whether practitioners are bona fide members of an appropriate body and that there is no need for legislation.The EC believes that anyone offering complementary medicines should […]
The PIA is terminating the membership of two investment firms and issuing fines totalling £32,000 to another four.Broadpulse Limited's membership is being terminated because it was struck off the register maintained under The Companies Act 1985 by the Register of Companies.The Financial Partnership is being expelled for failing to obey an earlier Order of the […]
Life offices say they are unconcerned by the ABI's third quarter figures which revealed a 21 per cent drop in pension sales.Life offices say sales dropped in the second quarter because of the Far East crisis but picked up from September when consumer fears of recession eased.They also say that a change in data collection […]
In the run-up to the Budget, there was some concern that the chancellor might ‘call time’ on the use of salary sacrifice in employee benefits provision.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]