Insurance

The Financial Services Compensation Scheme (FSCS) has revealed it has paid out £25m in compensation to investors in Arch Cru and £1.8m over Keydata this financial year.

Chase de Vere today announced steep losses for 2012 of £11.2m, impacted by the £14.4m set aside to cover the costs of its Keydata legal battle and compensating clients sold Arch cru and payment protection insurance.

Wealth manager Ashcourt Rowan posted a loss of £2.5m in the 12 months to April as the group continues its transformation into a holistic financial planning business.

Legal & General Assurance Society has acquired closed UK annuity buy-out company Lucida from LCM Holdings in a deal worth £151m.

Legacy commission still accounted for more than half of adviser income at end of March, according to research released today.

The number of financial advisers with chartered status has increased 24% year on year, according to a document released by the Chartered Institute of Insurance (CII) today.

The Financial Services Compensation Scheme (FSCS) has detailed how it plans to distribute recoveries it anticipates to receive from Lifemark SA, a bond provider whose products were marketed in the UK by collapsed firm Keydata, with investment advisers...

Advisers and agents selling clients investments in Caribbean villas run by Harlequin Property received commissions of up to 15%, according to a lawyer close to the situation.

New business at insurance giant Aviva was up 18% in the three months to 31 March, reaching £191m, according to its latest results.

Tributes are continuing to flood in for Len Warwick CBE, a former president of the Life Insurance Association (LIA), who died on Sunday.