Investment and savings business falls 60%: ABI

In its latest summary of business volumes for members, all major areas saw a decline in sales, with single premium products particularly badly affected by the ban on single premium PPI announced in January. Single premium investment and savings business was just £3.03bn in Q1 2009, down 58% from £7.27bn in the same period of 2008 and 20% lower than the previous quarter. Single premium protection business fell 81.7% in the year to 31 March, reflecting the PPI ban. Both individual and corporate pensions business also fell year-on-year, down 10.5% and 13.5% respectively, though corporate...