Europe

UK - Chief executive of insurer Royal & SunAlliance Bob Mendelsohn conceded "disappointing" figures for 2001, as the group saw operating profits dive from £426m to £16m in just 12 months.

UK - More than half of FTSE 100 companies that have disclosed their FRS17 position are showing a deficit, according to research by Professional Pensions, IPN's sister publication.

UK - Local authorities are calling for tighter regulations to curb the fraudulent number of council staff taking early retirement for ill-health.

UK - A shortage of companies being able to issue high quality debt is creating a huge pent up demand among pension funds, consultants claim.

EUROPE - The European Commission met again this week, this time to consider political obstacles in the way of financial integration, including pension reform.

UK - Pensions Minister Ian McCartney has announced there will be no change to the rate of the general levy paid by occupational and personal pension schemes and that, for the fifth year running, a compensation levy would not be raised in 2002/03.

UK - Standard Life has converted all its occupational pension schemes to a single 1% management charge - mirroring the charges of the government's stakeholder products.

ITALY - The head of Italy's state pensions scheme has raised doubts about the viability of one of the government's key strategies to boost the private pensions fund industry.

FRANCE - SG Asset Management is in the process of transferring its Paris-based institutional European equity business and some of its global equity accounts from Tokyo to London.

UK - Friends Ivory & Sime (FIS) has launched two new corporate bond funds, a move aimed at the growing number of mature pension funds looking to move their assets away from equities and towards bonds, Peter Hunt, lead FIS fund manager said.