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Two life offices fined £350,000 by PIA

United Friendly Insurance and Refuge Assurance have each been fined £350,000 by the PIA for endowment breaches.

The fines relate to a number of failings dealing with sales of with-profits endowments savings policies.

The regulator found they were not taking into account of the customer&#39s stated savings objectives, did not ensure the contract was affordable to the customer, failed to establish the customer needed the contract, didn&#39t keep sufficient customer records and failed to ensure customers received proper product disclosure literature.


Technology a winner for AIG

AIG Life is aiming its stockmarket income bond at investors who are seeking exposure to technology through a link to the Nasdaq 100 index. This high income bond has a three year term and offers investors a choice of annual income at 10.25 per cent, monthly income at 0.83 per cent or a growth alternative […]

Independent View

It may have escaped your not ice but Fidelity Invest ments is to cease paying ren ewal commission to discount houses which rebate part of it to their clients. This move will be exceptionally popular with all hard-pressed IFAs struggling to give a proper service in the face of increasingly fierce and sometimes seemingly unfair […]

Legal & General goes for world of medicine

LEGAL & GENERAL Health & Pharmaceuticals index-tracking Isa. Type: Maxi stocks and shares Isa. Aim: Growth by tracking health and pharmaceutical sectors of FTSE all world index. Minimum investment: Monthly £30, lump sum £500. Maximum investment: £7,000. Catmarked: No. Investment choice: 64 per cent US, 12 per cent UK, 5 per cent France, 8 per […]

Pension offices shun WP stakes

At least three major pension players will not be offering with-profits under stakeholder because DSS proposals allowing the inclusion are deemed not practical. Scottish Equitable says it believes some of the Depart ment of Social Secu rity&#39s rules, which include an acc ounting ringfence, need to be ratified by the FSA under the Prudential Supervision […]


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