THIS MORNING'S Times newspaper says Abbey may be selling off its life assurance businesses if its gets the thumbs up from the FSA.
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 ...
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