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PIMFA brands FSCS Indicative Levy as unsustainable

Reacting to FSCS’ announcement of a budgeted levy of £635 million, PIMFA, the UK’s trade body for the personal investment services and financial advice profession, has said that yet again, the FSCS compensation cost is at an all-time high and the cost burden falling upon their member firms is totally unsustainable. Compensation cost is a material item for all firms, large and small, and is ultimately borne by the consumers of firms whose activities do not give rise to consumer detriment.
Posted on Thursday Jan 16

ESAs proposals on PRIIPs is going from bad to worse

Insurance Europe has serious concerns about the review currently being undertaken of the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulatory Technical Standards (RTS). Proposals put forward in a consultation by the Joint Committee of the European Supervisory Authorities (ESAs) on changes to the PRIIPS RTS would make things worse for both consumers and insurers.
Posted on Monday Jan 13

Cat modelling is crucial key to unlocking cyber ILS capacity

The financial impact of a future global software failure could be so great that the (re)insurance industry is likely to require additional capacity from the capital markets.
Posted on Monday Jan 6

HMRC hit Lifetime ISAs with withdrawal penalties of GBP9m

New data obtained by Royal London shows that HM Revenue and Customs have so far charged young people more than £9m in penalties for taking money out of a Lifetime ISA.
Posted on Tuesday Dec 24

NFU Mutual look back at 2019 and a brief look ahead at 2020

Matthew Bennett, Investment Manager at NFU Mutual, said: “This year there's been a perception that markets are volatile but this isn’t really backed up by the stats.
Posted on Tuesday Dec 24

Redington secures Phoenix Equity as long term investor

Redington has announced that it has secured private equity backing from Phoenix Equity Partners. Phoenix’s investment will enable Redington to continue to develop its long-term proposition for clients, while delivering exceptional service to them. Financial terms of the transactions are not being disclosed.
Posted on Monday Dec 23

New York Life Cigna M and A deal will benefit both parties

Following the announcement of agreement for acquisition of Cigna's group life and disability insurance business by New York Life, Aurojyoti Bose, Lead Analyst at GlobalData, a leading data and analytics company, offers his view.
Posted on Thursday Dec 19

European dealmakers top M and A rankings for second year

European dealmakers top global M&A rankings for second consecutive year The downward trend of the global M&A market continues, with North American and AsiaPacific buyers struggling to respond to a sharp drop in deal performance and volume
Posted on Tuesday Dec 17

Aviva Investors appointed to the ICMIF

Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has been approved as a member of the International Cooperative and Mutual Insurance Federation (‘ICMIF’), the global representative body of the cooperative and mutual insurance sector.
Posted on Monday Dec 16

Aegon comments on the FCAs IPMS Policy Statement

Steven Cameron, Pensions Director at Aegon comments on the FCA’s Policy Statement PS19/29 on the Investment Platform Market Study

Posted on Friday Dec 13

Lets build a culture of saving and investment

Reacting to the election of a majority Conservative government, PIMFA, the UK’s trade body for the personal investment services and financial advice profession has urged the new government to show that it has designs beyond Brexit.
Posted on Friday Dec 13

New broker committee to launch in 2020

The London and International Brokers’ Association (LIIBA) is to launch a new committee in 2020, the Broker Placing Committee (BPC).
The BPC will replace LIIBA’s Broker Placing and Electronic Development Committee (BPED) and its PPL Broker Panel, which will be wound up at the end of 2019.
Posted on Monday Dec 9

Swiss Re agrees to sell ReAssure to Phoenix Group

Swiss Re announced today an agreement to sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at GBP 3.25 billion, Swiss Re will receive a cash payment of GBP 1.2 billion, shares in Phoenix representing a 13% to 17% stake and be entitled to a seat on its Board of Directors. ReAssure’s minority shareholder, MS&AD Insurance Group Holdings Inc, will receive shares in Phoenix representing an 11% to 15% stake.
Posted on Friday Dec 6

Financial advice can help savers avoid over caution

Attitudes to risk vary dramatically from one person to another, but new research from pension and investment provider Aegon has found that financial advice can play a big role in shaping peoples’ views on the subject.
Posted on Wednesday Dec 4

XPS Pensions Group acquire Trigon Professional Services

XPS Pensions Group announces that it has agreed to acquire the entire issued share capital of Trigon Professional Services Limited (Trigon) from Trigon Pensions Holdings Ltd.
Posted on Thursday Nov 28

UK Power Networks appoint BlackRock as fiduciary manager

BlackRock has been appointed as fiduciary manager by the £4bn UK Power Networks Group of the Electricity Supply Pension Scheme (ESPS), “the Group,” following a competitive tender process run by IC Select.
Posted on Wednesday Nov 27

L and G buy in deal with National Grid pension scheme

Legal & General announces that it has written a pension risk transfer (“PRT”) transaction of £1.6 billion with the National Grid UK Pension Scheme (“NGUKPS”).
Posted on Tuesday Nov 26

Financial Transaction Tax will be passed onto the consumer

PIMFA, the UK’s leading trade body for the financial advice and investment management industry, has warned that the additional costs inherent in the introduction of a financial transaction tax will ultimately be passed on to the consumer.
Posted on Friday Nov 22

FCA fines Henderson almost 2m pounds for fund failings

The Financial Conduct Authority (FCA) has fined Henderson Investment Funds Limited (HIFL) £1,867,900 for failing to treat fairly more than 4,500 retail investors in two of its funds, the Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund (the Japan and North American Funds). This was in contravention of Principle 6 of the FCA’s Principles for Business.
Posted on Thursday Nov 21

Schroders commits to full ESG investment integration by 2020

Schroders announces their commitment to integrating Environment, Social and Corporate Governance (ESG) across all of its investments by 2020.
Posted on Thursday Nov 21

Aon to acquire CoverWallet

Aon announced that it has entered into a definitive agreement to acquire CoverWallet, the leading digital insurance platform for small and medium-sized businesses.
Posted on Wednesday Nov 20

K3 Advisory announces first bulk annuity transaction

K3 Advisory announced it has completed its first bulk annuity transaction working in partnership with its client, H&C Consulting Actuaries. The transaction with the Carter & Parker Limited Staff Retirement Benefits Plan (1975), the pension plan provided to employees of the over 120 year old family business Thomas B Ramsden and Co (Bradford) Ltd, was for £9.3 million and insured through Canada Life.
Posted on Tuesday Nov 19

SHEPS converts longevity swap into GBP750m buy in

The Scottish Hydro-Electric Pension Scheme (“SHEPS”) has completed a transaction to convert its longevity insurance into a buy-in contract with Pension Insurance Corporation plc (“PIC”). The transaction further reduces risk, increases benefit security for all members and reduces pension scheme volatility for the scheme’s sponsor, SSE plc (the FTSE 100 energy company).
Posted on Wednesday Nov 13

Non life ILS capacity is at near record high

The value of non-life capacity issued and outstanding at the end of the third quarter was at a near-record high of $27.3 billion, exceeded only by the year-end figure of $27.8 billion for 2018, according to the new ILS Market Update from Willis Re Securities.
Posted on Friday Nov 1

Hermes calls for active stewardship transformation

The investment management industry is today falling short of its duty to create long-term, sustainable wealth and must now put active stewardship at the centre of its activities, operations and purpose. This is the conclusion of a new paper from Hermes Investment Management. The paper, Stewardship: The 2020 Vision, calls for an end to the short-term focus on delivering higher returns relative to a benchmark and to fulfil its role of active stewardship.
Posted on Monday Oct 28