QC to investigate Lautro leak: Heavyweight inquiry follows row with Pru over release of correspondence
Thursday 15 September 1994
The leak revealed an informal investigation by Lautro into the company's selling methods, which embarrassed the Pru because it had been boasting of its freedom from regulatory problems. The decision to call in an outsider to investigate underlines the seriousness of the row. Sources close to the investigation named Robert Carnwath QC as the lawyer, but Lautro - which yesterday formally agreed to hand over its responsibilities to the Personal Investment Authority - refused to comment.
Mr Newmarch said he was still waiting for the results of the informal Lautro investigation but the Pru had made no specific provision in its half-year results against the possible costs 'because we have not mis-sold'.
He accepted there could have been a handful of cases of sales staff acting outside the Pru's instructions.
Mr Newmarch was reporting half-year profits 16 per cent higher before tax at pounds 280m, helped by booming sales of unit trust personal equity plans. PEP sales were pounds 64m against pounds 12m a year earlier, while regular premium life sales fell from pounds 153m to pounds 126m.
The company also warned of another cut in bonuses on long-term life assurance policies next year.
The dividend was raised 8.9 per cent to 4.9p a share, despite predictions of subdued sales of long-term life assurance and a fall of a third in the group's profits when calculated on an accruals basis. Unlike pre-tax profits, this reflects long-term investment values.
The Microsoft mogul told fans a few home truths during his Reddit AMA
First full-length look is finally here
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Sex abuse inquiry: 'Victims receive death threats' after MPs release names online
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...