View more on these topics

Sloc increases allocation rates on 10,000 unit-linked plans

Sun Life of Canada is increasing the allocation rates on 10,000 unit-linked plans at a cost of £17.6m after it found that premiums were incorrectly calculated. The problem meant the plans may not have covered mortgage repayments on maturity.


The policies were sold by Confederation Life between 1988 and 1994 before Sloc acquired the firm. The plans affected are maximum investment plans, home purchase investment plans and universal life plans.

Recommended

Sainsbury leads as new entrants take deposits of £6bn

Sainsbury is leading the list of new entrants in the savings market that have taken £6bn of deposits from high street banks and building societies.According to a Datamonitor survey new entrants have taken 1 per cent of total UK retail deposits as savers search for the best interest rates.The survey says that companies such as […]

Zurich revamps critical illness product

Zurich Life is revamping its critical illness product to offer three tiered cover including protection for serious accidents.The critical illness product is split into three levels offering basic, comprehensive or comprehensive plus cover.The basic and comprehensive products cover a range of core critical illnesses plus permanent total disability.The comprehensive plus product guards against illness and […]

CIS cuts mortgage rate to 7.7 per cent

The Co-operative Insurance Society is cutting interest rates on monthly house price mortgages from 8.5 per cent to 7.7 per cent.CIS offers both endowment and repayment mortgages and has over 20,000 policyholders.It says that because it calculates interest on a daily basis it offers customers a better deal than lenders that calculate on a monthly […]

FSA fleshes out consumer education strategy

The Financial Services Authority is issuing a consultation paper in conjunction with its own Consumer Education Forum to promote public understanding of financial services and products.The paper outlines the FSA&#39s plans to hold town meetings, increase consumer financial literacy, research consumer needs, develop a consumer hotline and work with the industry to make product literature […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment