Partnership profits up but regulatory change hits sales

However, new business premiums were down 3% to £1.22bn, in 2012 they stood at £1.26bn . It said total new business was flat at £1.1bn and the external non-standard annuity market was down 18%. It said the react of regulatory reforms, most notably the gender directive in late 2012 and the introduction of the Retail Distribution Review, meant customers had either rushed to buy products the previous year or were generally less engaged with the advice market. The firm, which listed last June, said its total operating profit stood at £131m, up 17% from 2012 and reported new business operat...