The Scottish Equitable name may disappear from the industry following a business restructuring announced by owner Aegon, reports The Scotsman.
The Dutch insurer wants to split its life and pensions business into separate arms - Aegon Corporate and Aegon Individual - and although it intends to keep the ScotEq name in the short term is suggesting it may go after a while.
The Scotsman says IFAs are split on the news, with some suggesting it would be wrong to ditch a well-recognised brand, but others saying new brands can come to the fore quickly in today’s marketplace.
Aegon’s moves will not affect its rougly 3,000 staff in Edinburgh, or its asset management or IFA network businesses.
STAFF WILL BE cut at insurance broker AON’s Scottish offices, after the company announced it is looking to cut up to 750 jobs UK-wide as part of a global restructuring.
The Scotsman says that will trim about 11% off the UK workforce.
The Daily Telegraph says the parts most affected are specialty (marine, aviation and energy), and risk (corporate clients). Human resource and pensions consulting, and reinsurance divisions will be less affected.
The change comes after US regulators changed rules, stopping brokers from steering clients towards certain insurers in return for commissions.
OTHER REGULATORY issues have again been raised by latest arguments over tax credits following the failure of many families to get their documents in on time by last week's 30 September deadline, writes The Guardian
It says more than 1 million families still face tax credit repayment demands because of problems with the massive bureaucracy associated with Gordon Brown's flagship method of dragging lower income families out of poverty. More than 100 million calls have been made to the tax credit telephone help line number since it opened in 2003, yet half have gone unanswered, figures released by the LibDems yesterday show, the paper adds.
The Timesnotes that its own mock-up monetary policy ‘Committee’ is split on the issue of interest rates - with a decision expected later today on the latest moves (or not) decided by the real MPC.
UK stocks were under pressure yesterday, partly becaue of market unease over just which way the MPC will turn. Further data suggests the housing market remains sluggish overall, while the retail sector has been hit by stories of Boots and other stores being forced to merge or close in the face of stagnant sales.
AUSTRALIA’S MACQUARIE BANK looks set to launch a bid for the London Stock Exchange in the next few days, reports the Telegraph.
The bid would have to come in above the aborted 530p price pitched by rival Deutsche Bourse - which failed after regulatory concerns were raised. LSE shares closed yesterday at 570p.IFAonline
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