Legal & General is to raise the prospect of returning £1bn to shareholders, while Prudential is understood to be in talks with the FSA about returning a large slice of capital to policyholders, according to the Scotsman .
Legal & General is the latest FTSE 100 company set to unveil major share buyback plans, while Prudential is believed to be in talks with the FSA about its £9bn pot of capital.
The paper reports an L&G spokesman as saying: "Tim Breedon [chief executive] is trying to be more open and transparent with the City. He did a life and annuities presentation a few weeks ago. And this Wednesday he will do a presentation on our capital and cash flows to City analysts."
It is believed Breedon will identify how much free capital L&G has this week, rather than make a firm commitment to either the amount which will be returned to investors or a precise timetable.
A FORMER government minister has accused the Council of Mortgage Lenders (CML) of being a "malign brake on reform" and against the fight to stop global warming, reports the Guardian.
Nick Raynsford, the former housing minister who promoted the now dropped idea of making "sellers' packs" for homebuyers compulsory, has attacked Michael Coogan, the director general of the CML, for a speech questioning whether the government had helped the housing market.
The Labour MP has taken particular exception to Coogan's call for the government to drop compulsory energy performance certificates next year.
In a letter Raynsford tells Coogan: "The CML under your leadership ... has acted as a malign brake on reform, and has sought to undermine the efforts of those who have worked to make the home buying and selling process less wasteful and stressful for the public. You are now at it again. Your latest speech calls for the abandonment of energy performance certificates."
MORE THAN half of workers continue to believe their occupational pensions are guaranteed, despite the fact 125,000 people in more than 400 schemes have lost their final salary savings and have little or no hope of compensation, says the Times.
The second annual pension confidence survey by Alexander Forbes Financial Services, found just 20% of employees were aware neither their company nor the government would guarantee the security of their final salary pension, while 56% mistakenly believed their savings were bullet-proof.
Ann Abraham, the Ombudsman, said the government should pay up to £15bn in compensation for producing “inaccurate, incomplete and inconsistent” information on pensions safety.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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