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FCA eyes Aviva/Friends Life merger probe

The FCA is investigating abnormal share price movements around Aviva’s £5.6bn merger with Friends Life, according to reports.

The Financial Times reports the FCA has asked investment bankers on the deal to disclose any contact to discuss the merger ahead of the announcement.

The FCA and Aviva declined to comment, although a source close to the insurer says it is normal policy for the regulator to investigate when a merger deal is leaked prior to being formally announced.

Reports of the deal first emerged in November last year, with Friends’ share price climbing 6 per cent after the firms admitted advanced talks over a potential deal.

The deal, which was finally completed in March, created the UK’s largest insurance and savings business.


Letters: Still more to be done in the battle against fraud

Star letter: Still more to be done in the battle against fraud  There are few constants within the mortgage market but attempts at fraud are certainly one of them. Despite all the deterrents and the measures put in place by stakeholders, you can guarantee there will always be those willing to chance it. A quick look […]


Mortgage Mole: Mortgage Strategy Awards are open for business

OPEN FOR BUSINESS Mole is amazed by how quickly the year is flying by. It seemed like two minutes ago he was rubbing shoulders with some of the industry’s finest at this year’s Mortgage Strategy Awards – and now the nominations are open once more. Have your say on who have been the top performers […]


US banks join forces to buy £13bn of Northern Rock assets

Citigroup has reportedly joined a bid for £13bn-worth of mortgage assets owned by UK taxpayers. Sky News reports that Citi has joined forces with Goldman Sachs and units of Blackstone, TPG Capital and New York-based hedge fund Och-Ziff for mortgage securitisation vehicle Granite, which is now part of UK Asset Resolution. It is not yet […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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