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Tories announce front bench appointments

New Conservative leader Ian Duncan Smith has completed his front bench team, including those relevant for the financial services industry.

Shadowing the Treasury will be former Home Secretary Michael Howard opposite Chancellor Gordon Brown. Howard Flight, who co-founded City fund manager Guinness Flight will return as shadow economic secretary, the portfolio most responsible for the industry.

David Willetts will retain his position as Shadow Secretary of State for Work and Pensions. There will not be a direct replacement for pensions spokeswoman Jacqui Lait, who was Pensions Minister Jeff Rooker&#39s opposite in the last Parliament.

Instead, Willetts&#39 team will be MPs James Clappison and Tim Boswell, who will share the duties of the shadow team.


ABI rejects call for external actuaries

The ABI is calling for an external review of appointed actuaries&#39 recommendations about with-profits funds, saying this would improve clarity about the way funds are operated.However, in its submission to the FSA&#39s consultation on with-profits funds, the ABI rejects calls to force life offices to use external actuaries to set bonus rates or to have […]

Commission cost concern at Standardised pensions

Standard Life is set to reprice more of its pension contracts on stakeholder terms, sparking claims it is holding a closing-down sale to drum up business before the change.It is believed to be offering IFAs commission of up to 140 per cent of Lautro rates on contracted-in money purchase schemes to write business now before […]

Portman buys specialist Sun Bank in £95m deal

Portman Building Society has added almost £1bn to its mortgage book by buying specialist lender Sun Bank from Sun Life of Canada in a £95m deal.Sun Bank, with 75,000 customers and total assets of around £1.2bn, specialises in buy-to-let loans and is a leading player in the complex prime market, which caters for borrowers with […]

Test your knowledge online

Test your knowledge online with Money Marketing&#39s CPD questions. Specialist financial publisher Taxbriefs has drawn up multiple-choice questions based on articles in this week&#39s issue. For further details and this week&#39s questions, see page 77.

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


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