Profits slip for Friends Provident
Life assurance firm Friends Provident has announced a three per cent drop in pre-tax profits which could impact upon its 2008 target.The firm saw profits slump from £524 million in 2005 to last year's £509 million, despite new business profit growth in the UK reaching close to 70 per cent.However due to the "challenging protection market" the London-based insurer operates in, the firm warned that it may struggle to meet the targets it set in October last year.Six months ago, the company announced a "demanding" 2008 target of £180-£200 million in new business profits, a goal it may not meet."Although we remain committed to achieving this target, the product mix and, in particular, the level of protection sales, which has been subdued in recent months, will be critical," said Philip Moore, the group chief executive."It is early days, and we are making progress towards our goal, but the prospects for a more challenging protection market, and the impact on our 2008 target, will not be fully understood until later in 2007."The announcement of last year's profit slide caused the firm's shares to dip by seven per cent on Tuesday morning.
Does the British Gas billing change make a difference?
News that British Gas is looking to introduce a new system which will accurately record month by month energy usage, rather than estimated usage, has caught many consumers by surprise. However, when you consider that some of your historic estimated bills have been too high and some have been too low, the net effect to consumers is likely to be minimal. However, there may be some impact upon the ca...Read More
Wind power delay for UK government
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MPs stick the boot in to the FSA
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Alistair Darling rules out US banking style levy
As we covered yesterday, Barrack Obama has revealed plans to introduce a new levy on the US banking system purely and simply to replenish taxpayer coffers which have been emptied because of the banking rescue package in the states. While there was speculation that the UK government would look towards a similar scheme in the UK, Alistair Darling has today suggested this is not an option and not up...Read More
Are you making use of your online banking facilities?
As more and more of us look towards the Internet for our everyday needs it appears there are still many people who are reluctant to use the Internet for their financial affairs. While we periodically hear about various scandals and frauds on the Internet, it is easy to forget that these types of criminal activity have been commonplace off-line for many many years. However, it appears that the Inte...Read More