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Widows windfall woes

Scottish Widows policyholders are to pick up smaller cash windfalls than expected from the Lloyds TSB deal.

The Edinburgh-based life office is to receive £300m less from Lloyds TSB because of a need to strengthen assets which are used to back policies.

The 1.6m Widows policyholders are now expected to pick up an average £3,375 each compared to the previous estimate of £3,562.

Lloyds TSB is paying £6.7bn for Widows.


LSE lifted to record heights

The London Stock Exchange says daily trading volumes for a November are at their highest level ever, with average daily turnover of more than £4bn and more than 100,000 trades executed in the past 14 trading days.The exchange recorded a 32 per cent leap in pre-tax profits to £26.5m for the six months ending September […]

With-profits face extinction

With-profits investment products will be wiped out in a decade unless the life industry cleans up its act, according to the Faculty of Actuaries.Faculty president Fraser Low believes life assurers and pension providers must slash charges and make products easier to understand to survive.The £2.2bn a year with-profits industry is currently facing a threat from […]

Pru marches into Europe

Prudential has joined forces with France&#39s CNP Assurances and Germany&#39s Signal Iduna to sell co-brandedproducts.The move is being seen as an expansion drive into Europe aimed at competing with Axa Sun Life and Allianz,which have already made major inroads in Continental markets.It is expected the Pru will concentrate on with-profits products.The company is expected to […]

Admin blunders cost IFAs £4m a week

Britain&#39s IFAs are losing nearly £4m a week and wasting more than an hour a day because of shoddy administration by product providers.IFAs, whose estimated pre-tax average earnings are £35 an hour, are losing almost 15 per cent of their income every day because incompetent back office staff are bungling the administration of so many […]


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