Royal London

The government has laid draft regulations before parliament to introduce a charge cap on defined contribution (DC) default funds alongside a raft of additional governance requirements for trustees.

The government has grossly underestimated the impact on providers of the pension charge cap by about £800m, says Royal London.

Royal London has agreed a longevity swap with RGA International to cover the risk associated with £1bn of pension liabilities.

The promise of guidance at retirement "does not go far enough" and a new form of retirement-focused advice must be created by the regulator, according to Royal London.

Royal London new life and pensions business was up 18% to £989m in the first quarter of the year, with group pensions benefitting significantly from auto-enrolment.

Royal London has appointed Tim Harris as finance director and Isobel Langton as chief executive officer (CEO) of its intermediary business in the wake of a rebrand last year.

Royal London Group is in discussion with the National Association of Pension Funds (NAPF) over joining its £2bn infrastructure fund, a spokesman has confirmed.

Royal London is scrapping the Scottish Life, Bright Grey and Scottish Provident brands to move to a single "master brand" for its UK life, pensions and investment businesses.

The Financial Ombudsman Service (FOS) received more complaints about Phoenix Life than any other life and pensions provider in the six months to 30 June 2013.

Royal London has agreed to buy the Co-operative Banking Group's life insurance and asset management businesses in a deal worth up to £219m.