The UK’s Pensions Ombudsman has upheld a complaint against insurer Phoenix Life, but absolved financial product provider James Hay of any wrongdoing, after a self-invested personal pension (Sipp) was wrongly disinvested.
Phoenix is widely known as a closed fund consolidator, but chief executive Andy Moss argues that this, in many ways, is a misnomer. In this article, he explains why the recent transaction with Standard Life Aberdeen is a “win-win”.
Phoenix names senior leadership in wake of Standard Life acquisition, Stenham Wealth appoints RBC alumni in Jersey, and River and Mercantile names Australian rugby legend to lead ops down under.
Standard Life Aberdeen is planning to return £1.75bn (€1.99bn, $2.33bn) in capital to its shareholders after selling its UK and European insurance business, while Old Mutual looks to offer up to 9.6% of shares in Quilter as part of its managed separation.
Old Mutual Wealth appoints an industry veteran to its specialist pensions team, the Phoenix Group chairman announces his retirement and embattled AMP appoints an executive chairman.
Companies struggling to cover long-term life policy payments could soon have another buyer in the market, following reports that British pensions specialist Clive Cowdery is setting up a fund to do just that.
Consolidator The Phoenix Group featured heavily in data from the UK Financial Conduct Authority that shows complaints about all financial services firms rose by 13% in the second half of 2017, driven by payment protection insurance (PPI) claims.
NN IP chooses its lead portfolio manager of emerging market debt, Investec hires its UK institutional sales director from Goldman Sachs and Heartwood makes a raft appointments to its investment team.
Phoenix Group Holdings has restructured and reshuffled its executive committee ahead of combining the Standard Life Assurance business.
Phoenix Group’s acquisition of Standard Life’s insurance arm is “testament to the current re-shaping of the UK life insurance industry” and the “break-up of traditional models”, the group’s chairman said.
Standard Life Aberdeen hailed its decision to sell its insurance arm as “a major step” on the road to becoming a “world-class investment company”, but analysts suggest that Phoenix is the real winner here.
The offshore bond sold by Standard Life will still be available via Phoenix Group after the firm’s life insurance business is acquired, a company spokesperson told International Adviser.
