Friends Provident, the Life group that floated last month, blamed the 12% decline in its share price...
Friends Provident, the Life group that floated last month, blamed the 12% decline in its share price on independent financial Advisors, the Daily Telegraph reports.
The life group claimed that IFAs pulled back from placing clients ahead of the flotation.
Keith Satchell, chief executive of Friends Provident said, "IFAs were generally standing back to wait to see what happened. Now that we have floated, we have the platform to improve sales and move forward."
After yesterday's High Court ruling, around 43,000 people will receive compensation for pensions mis-selling even if they have received demutualisation windfalls from the mis-sold policies, the Daily Telegraph reports.
The test case was brought by Needler Financial Services, an independent financial adviser, and its insurer, Collegiate Insurance Services, to challenge a 1997 decision by the Personal Investments Authority that windfalls should not be deducted from mis-selling compensation.
Directors of Companies involved in cartels are set to face 'strong' jail sentences with no option of a fine under government proposals announced yesterday, the FT reports.
Prosecutions would be carried out by a reformed Office of Fair Trading. The proposed move to a US style criminal approach to competition abuses will target executives who encourage cartels as well as individuals who run them.
The government also plans to allow Competition Commission Appeals Tribunals to award damages without having to resort to courts.
Halifax has bounced back from seven years of decline to take a quarter of the home loans market with its strategy of sacrificing profit margin for volume, writes the FT.
The bank achieved its record share of net lending by cutting margins in the first six months of the year, which helped push down pre tax profits by 5% to £839 million.
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