RESOLUTION IS sitting on a £400m cash pile which it will pay out to certain policyholders, according to the Daily Telegraph.
Further details of the results for the life insurer and asset management firm reveal Resolution has been able to free up extra cash for its seven million policyholders – accumulated through a string of acquisitions of both whole companies and books of business no longer open to new customers – by restructuring the business and releasing capital previously held for regulatory purposes.
Policyholders to benefit are those from the Britannic Industrial Branch fund – containing company pension schemes and pensions sold through advisers – along with policies previously under Swiss Life and Phoenix Assurance, formerly Royal & SunAlliance's closed life business, says the paper.
LLOYDS TSB has today become the first mainstream bank to launch a sharia-compliant business account, reports the Guardian.
The Islamic Business and Corporate account is the latest financial product to be run in line with sharia principles and does not charge or pay any form of interest.
This latest service is expected to be available Lloyds to Muslim businesses throughout its network of 2,000 branches.
Soaring house prices boosted the amount of money Britons took out of their homes in the fourth quarter of last year, new data showed today.
The Bank of England's mortgage equity withdrawal (MEW) figures showed a rise to £14.6bn in the period from October to December from an upwardly revised £12.2bn in the previous three months.
This formed 6.7% of post-tax income, up from 5.5% in the third quarter and a low of 3% in early 2005. However, it still remains below the peak of 8.9% seen in 2003.
AND SOARING HOUSE prices boosted the amount of money Britons took out of their homes in the fourth quarter of last year, continues the Guardian.
The Bank of England's mortgage equity withdrawal (MEW) figures show a rise to £14.6bn in the period from October to December, from an upwardly revised £12.2bn in the previous three months.
For last year as a whole, MEW totalled £49.7bn, up significantly from £36.6bn in 2005.
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View from the front row
Project Libra unveiled
Including SJP and investment trusts
Spent two years at Sanlam
Will also assess FCA's actions