Papers

PRIME MINISTER Tony Blair is hinting the government will provide a rescue plan for those people who have already lost money after their pension schemes wound up.

BRITAIN'S COMPANY pensions savings deficit has shrunk by £60bn to £100bn in the past year, boosted by rises in the stock market and extra vigilance by employers.

Policyholders in Equitable Life are well positioned to take on the government in European courts according to legal advice from the company's own QC's, reports The Daily Telegraph.

EQUITABLE LIFE is today set to offer a group of policyholders £2m to pursue a legal action against the Government, according to this morning's Times.

THE FINANCIAL Services Authority will not take any action against Equitable Life's former chief executive Roy Ranson because of his age.

MANY OF Standard Life's already battered and bruised policyholders are likely to face even bigger shortfalls than anticipated when they receive their annual statements over the next few weeks.

AROUND 80% of general insurance brokers have failed to apply for direct authorisation by the Financial Services Authority and could face a 100% increase in application fees as a result of their late entry, according to this morning's Daily Telegraph....

MUSLIMS LIVING in Britain will this week for the first time ever be able to invest their money in an Islam-friendly pension fund after HSBC announced it will become the first bank to offer a fund which complies with Islamic law.

THE EUROPEAN Commission has launched a formal action against Britain, saying Gordon Brown's failure to keep a prudent grip on public finances has left the country in breach of the Growth and Stability Pact.

STANDARD LIFE'S board was yesterday dealt a hefty blow after policyholders not only attacked the company's generous executive remuneration packages but almost voted down any future pay rises.