Hot on the heels of Legal & General’s bonus cuts, Standard Life announced a double whammy for their 2 million with profits customers. Final bonuses will be cut by up to 13 percent while exit penalties in the form of Market Value Reductions (MVR’s) will be increased. (more…)
Legal & General announced they would cut final bonus rates on with profits policies by up to 9 percent. The cut was blamed on poor investment performance and “turbulent market conditions”. (more…)
Norwich Union have announced they will introduce exit penalties in the form of Market Value Reductions for with profits policyholders. (more…)
A bonus payout to one million policyholders in two of Norwich Union Life’s with-profits funds may not go ahead after recent dramatic falls in the stock market. (more…)
Concerns over the stability and safety of life insurers financial reserves cause fall in their share prices and FSA offer of help. (more…)
Norwich Union parent Aviva issued a statement to calm fears over it’s solvency position. Shares in Aviva, the UK’s largest insurer, had fallen in recent weeks reflecting uncertainty over the financial position of the company. (more…)
Two firms have been fined for a number of failures connected to sales of geared traded endowment policies (geared TEP’s). These are the first acts of enforcement since the FSA began a targeted programme examining advice and sales processes of firms recommending geared traded endowment policies. (more…)
Following the news that Kaupthing and Landsbanki Heritable had gone into default, the FSCS has provided details of a compensation scheme for Kaupthing Edge and Heritable Bank UK savers. (more…)
Northern Rock has withdrawn a number of savings products since the huge increase in demand risked it exceeding 1.5 percent of UK retail deposit balances. (more…)