UK: FSA RULES THREATEN LIFE INDUSTRY
Article Abstract:
The UK life insurance industry is under threat of a "financial black hole" of GBu 15bn warn experts. New changes to the Insurance Companies Act 1994 made in May 2000 and recommended by the FSA, require life offices to increase their reserves. The new rules could force life companies to cut bonuses and withdraw surrender guarantees and will severely affect the with profits sector.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: CONSUMERS' ASSOCIATION QUESTIONS BOND INDUSTRY
Article Abstract:
The Consumers' Association (CA) has asked the Treasury to investigate providers of with profits bonds, following recent moves by Equitable Life and Axa. The CA said that the with profits industry suffered from secrecy, corporate unaccountability and regulatory failures. It also said that the industry favoured the providers and failed to adequately protect consumers.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: BROKERS FORECAST TO LOSE MARKET SHARE
Article Abstract:
Brokers are forecast to lose face-to-face financial sales market share to digital TV, Internet and direct marketing channels by 2010, falling to 47.1%, from 53.1% in 2000, according to a Life Insurance Research Association report. The share held by tied sales forces is also expected to contract to 16.8%, from 28.3%.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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