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Tenet bid for Lifeboat hits the rocks

The Tenet Group has called off plans to take over the Lifeboat Group following advanced discussions with the administrators.

Tenet says it had hoped to make an announcement today regarding the purchase of Lifeboat Financial Advisers and Simply Assured Direct but was unable to agree terms with the administrators BDO Stoy Hayward in an acceptable timeframe.

Tenet Group group commercial director Peter Lane says: “A precondition of the deal for Tenet had always been that Lifeboat members would not lose money as a result of the administration, however the way the deal was stacking up, it looked increasingly less likely that we would be able to guarantee payment of commission. We have therefore been forced to withdraw from the process. Tenet will of course still be delighted to deal with Lifeboat members individually on this basis.”


Direct Line pull out of mortgage market until M-day

Royal Bank of Scotland subsidiary Direct Line is the first lender to pull out of the mortgage market temporarily in the run up to mortgage regulation. The FSA requires lenders to lay out &#39key facts information&#39 uniformly so that easy comparisons between lenders can be made. This will come into effect on M-day (October 31) […]

Widows guaranteeing safe return with bond

IFAs believe Scottish Widows is taking tentative steps back into the structured product market with its latest growth product. IFAs see the product as a move by Widows to re-establish its profile cautiously as a key structured product provider for intermediaries. It follows similar growth products from Norwich Union and HSBC. Lloyds was fined £1.9m […]

Universal Provident – Lifeline

Type:Two-year renewable term assurance Minimum sum assured/premium: £1,000/£3 Minimum term: Two years Options: None Charges: Implicit Commission: Initial 80%, renewal 7.5% Tel: 0870 160 5819

Berkeley Morgan to take a simple focus after return to profit

Berkeley Morgan Group has bounced back into profit and says its future plans lie in stakeholder products and moving away from promoting providers&#39 brands. Chairman Jon Pardoe says the group has recovered from an extremely poor 2002, making a profit of £1.3m for the year ending April 30 after a loss of £1m the previous […]

Inheritance tax and estate planning – exemptions and reliefs

By Kim Jarvis, technical manager with Canada Life’s ican Technical Services Team In this article we look at the main exemptions and reliefs that are available on death. Within the article, spouse also means civil partner.   Nil-rate band Under current rules, any part of the estate that falls within the available nil-rate band (NRB), […]


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