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Treasury refers Penrose Report to SFO

The Treasury has referred the Penrose Report into what went wrong at Equitable Life to the Serious Fraud Office.

The SFO has confirmed it has received the 800 plus page report and will be looking to see whether it is appropriate for it to carry out a serious criminal investigation.

The independent Penrose inquiry into Equitable Life, headed by Lord Penrose, was announced by the Treasury in August 2001 with the aim of examining the circumstances that led to the insurer&#39s demise and to identify any lessons to be learned for the conduct, administration and regulation of life assurance.


Bagger set to have a bonfire with forms

Carpetbagger David Stone-banks has been stonewalled again by Standard Life after being told that his proposal to vote on demutualisation will be invalid if the company decides to recommend such a move to members itself.Stonebanks has had an email from company sec-retary Marcia Campbell spelling out the fact that Standard has initiated a strategic review, […]

Shake a legacy

Legacy life and pension portfolios stretch a long way into the future and most are still maintained on the systems in use when they were issued. Old world administration is leaking cost and legacy systems have been highlighted as a barrier to the change necessary to compete in the new world. Providers clearly need to […]

Invesco cuts Isa charges by 2%

Henderson Global Investors is offering a 0.5 per cent discount on its preference and bond and strategic high-yield bond funds until April 30. The discount brings the initial charge to 3.5 per cent. Henderson is also reducing the initial charge on its European capital growth fund to 4 per cent from 5. F&C Management is […]

Liverpool Vic freezes WP bonus rates

Liverpool Victoria is freezing the annual bonus rates on its unitised with-profits income and growth bonds. Until 2005, when they will be reviewed, the income bond&#39s rate will remain at 4.25 per cent while the growth bond&#39s will stay at 2.25 per cent. Liv Vic says the move demonstrates its financial strength.


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