Prudential, Scottish Widows and LV are the latest providers to stop their free pension transfer value analysis services (Tvas) for advisers, as they respond to regulator concerns that such tools could act as an inducement.
A failed merger between Lloyds Banking Group’s subsidiary Scottish Widows and Standard Life Aberdeen’s pension and assurance arm was behind the FTSE 100 bank’s decision to terminate its contract with the fund group, it was revealed over the weekend.
Old Mutual, Prudential and Abbey Life are among five companies still under investigation by the Financial Conduct Authority over concerns about the transparency of exit and penalty charges in the firms’ closed-book life insurance policies.
UK high street bank Lloyds, which owns Scottish Widows, may be about to announce a major push into pension and investment products as part of a three-year growth plan.
A mother and her son have been convicted of insurance fraud by UK police after the pair faked the mother’s death in Zanzibar to claim £140,000 ($174,387, € 163,557) on her life policy.
Old Mutual Wealth has moved to strengthen its support for financial advisers in the UK with the appointment of Martin Clubbs as pensions specialist.
Charles Taylor will acquire Scottish Widows International (SWIL) as it continues to expand within the international life sector.
Dean Waddingham, managing director for the past three years of what is still known to many in the offshore life insurance industry as Clerical Medical International, has joined NFU Mutual, which specialises in providing insurance products to Britains rural communities, as client services manager.
Scottish Widows, part of the Lloyds Banking Group, is to withdraw from the offshore bond market, closing Clerical Medical International as part of the process.
Seven investment managers have been appointed to manage the IoM’s externally invested reserves
The recent case of Robert Gaines-Cooper gives hope to UK taxpayers.
Scottish Widows Sandra Hogg looks at changes ahead in the provision and payment of long term care.
