News

Clive Cowdery, the former head of Resolution and major shareholder at Friends Life, is set to walk away with £160m from the £5.6bn takeover deal announced on Friday.

The Financial Services Compensation Scheme (FSCS) is notifying investors who lost money in Lifemark-backed bonds distributed by Keydata that they can expect further payments shortly.

Labour has urged the government to ensure none of the 320,000 savers expected to take advantage of pension freedoms are exposed to "rip off charges".

UK equity managers are turning to insurers as a way to access the UK's financial sector while avoiding the troubled banks.

Aviva has confirmed it is to buy rival insurer Friends Life in a deal worth £5.6bn which will create a combined business with 16 million customers.

The Pensions Regulator (TPR) has shut down a group of five pension liberation schemes that had taken more than £134m from more than 1,400 people.

Miton Group has reopened its UK Multi-Cap Income fund to new investors after imposing an initial charge last year.

Sales of drawdown contracts have more than doubled compared to the third quarter of last year while annuity purchases continue to fall, according to latest Association of British Insurers (ABI) statistics.

Financial advisers are expected to benefit from the new regime which allows transfers between defined benefit (DB) and defined contribution (DC) schemes to the tune of £3.39m per year.

The Financial Conduct Authority (FCA) is reluctant to provide further guidance on key advisory issues on which it has already offered direction, suggesting it would not be helpful.