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Sun Bank profits up 39 per cent

Sun Bank pre-tax profits jumped 39 per cent to £6.2m from £4.46m for the first six months of the year.

Assets under management rose 16 per cent to £1.3bn from £1.1bn and lending increased 14 per cent to £156.8m from £137.5m. Customer deposit accounts increased 13 per cent to £1.1bn from £974m.

The bank has shifted its distribution towards IFAs after the Sun Life Financial of Canada salesforce was axed. Sun Bank says its range of flexible mortgages and savings accounts account for the increase.


Lincoln picks Deloitte to probe appointed rep

Lincoln Assurance is hiring big five accountancy firm Deloitte & Touche toinvestigate the endowment sales of its former appointed representative CityFinancial Partners. Since September 2000, the life office has reviewed a representative sampleof the 31,000 endowment policies that CFP sold over the last 10 years. Ofthe 5,000 reviewed, Lincoln says there is significant evidence ofquestionable […]

PIA revokes suspension of Blenheim Financial Services

The PIA has revoked the suspension of IFA Blenheim Financial Services of Bidmead, Cheltenham Road, Bisley, Stroud, Gloucestershire. The firm had been forced to cease conducting investment business regulated by the PIA because it had failed to renew its PI cover as required. It has now done so and satisfied the regulator&#39s rules. The PIA […]

Drawdown deal on Equitable funds

Specialist IFA The Drawdown Bureau has come up with a way of removingfunds in drawdown from Equitable Life without incurring exit penalties.Draw-down policyholders who want to leave the company can take maximumincome from their existing plan which will not be subject to an MVA. Thiscan be up to 8 per cent of the fund as […]

NU slashes bonuses as smoothing hits the rough

Norwich Union is cutting terminal bonuses by up to 5 per cent across allits with-profits policies. NU says it has been forced to make the cuts because the effects of poorstockmarket performance are so great that they cannot be smoothed out. Returns on NU&#39s funds are down by 7 per cent for the first half […]


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