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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 easier to understand index tracker funds and derivative-based products.


BoS launches internet banking

Bank of Scotland is launching a new online banking service just days before a similar style operation is due to be unveiled by takeover target NatWest.BoS has made a £21bn hostile bid for NatWest. As part of the package BoS will offer a free internet service provider BoS

PASS on the move

The Pension Advisers Support System is moving to Sheffield.PASS, formed to offer advisers help on professional indemnity cover and the personal pensions review, can be contacted on 0870-9007277 ore via email

Pru goes green with investments

The Prudential is to start taking social and environmental factors into consideration when investing in companies.The Prudential Portfolio Managers investment arm of the life office will screen all potential UK equity investments using a broad light green criteria drawn up by the Ethical Investment Research Service.

Swiss Re to trade reinsurance over the internet

Swiss Reinsurance Company has launched its ELRiX platform, from where it will trade reinsurance cover on the internet&#39Electronic Risk Exchange&#39 forms the basis of the company&#39s electronic trading of standardised risk products and was developed in response to the growing importance of e-business.The company say the internet has opened up a new marketing channel for […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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