Abbey "to sell life assurance businesses" - papers 6th July

The bank is considering to close its with-profits funds, managed by its subsidiaries Scottish Mutual and Scottish Provident. The funds currently hold £14.3bn on behalf of nearly one million policyholders. Whether of not Abbey will be selling off its with-profits funds depend on the outcome of discussions with the FSA, which is introducing tough new solvency rules for life businesses. An Abbey spokesperson told the paper: “Our discussions with the FSA regarding Scottish Mutual and Scottish Provident are well progressed but not yet complete. We expect to be able to update our customers ...