Liberalisation of the financial services industry is expected to be Britain's priority subject fo...
Liberalisation of the financial services industry is expected to be Britain's priority subject for discussion at this week's Stockholm summit, according to the FT this morning.
Ministers are aiming to speed up liberalisation of financial services to help investors, the industry itself and consumers eliminate the discrepancy between, among other things, credit card costs.
Zurich Financial Services has announced a strategic alliance with Bank of America to offer banking and insurance products will be offered through Zurich's Farmers Insurance subsidiary, says the FT.
And CGNU has bought Hungary's sixth largest insurer, Mebit, from Abn Amro in a deal worth E102m.
Pensions mis-selling victims who have already received payouts could be in line for another £3,000, the Daily Telegraph reports.
Personal Investment Authority officials made a slight error last year, says the Telegraph, in how much benefits under the State Earnings Related Pension Scheme would have been worth if investors had not switched into a personal pension.
The FSA has also launched an inquiry into the exit penalties that life offices can impose on with-profits customers who cash in their policies during periods of market turmoil, says the Times.
FSA officials have asked the biggest life offices how they use market value adjusters (MVAs) on with-profits policies, and has given some companies just 24 hours to respond, says the Times.
What made financial headlines over the weekend?
Q2 net sales dropped almost 50%
‘Important to have an anchor’
Lack of innovation for solutions