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FSA to rule on Royal London Co-op acquisition
by Alex Steger on Jan 08, 2013 at 08:27
The Financial Services Authority (FSA) is set to meet later this month to discuss removing a significant barrier to Royal London’s planned acquisition of the Co-op’s life assurance business, according to reports.
The Financial Times reported that Royal London needs to secure a waiver from the regulator’s usual rules to make a profit from the administration of the Co-op’s life assurance unit and that this was the last remaining regulatory hurdle to be cleared, 18 months after the Co-op entered talks with Royal London.
According to the FT the delays to the deal are in part because Royal London requires a waiver from restrictions on what insurers can charge with-profits funds to administer their assets.
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