Daily Archives: March 19, 2009

Pauline Skypala

Anyone who knows Ned Cazalet will know he has a colourful turn of phrase. They will also know he has harried UK life companies over the years, berating them for poor business practices and a refusal to acknowledge the risks they were running, particuarly in their with profits funds.

Those risks became apparent in the end as Equitable Life crumbled under the weight of guaranteed annuity rates and Standard Life nearly imploded in the market downturn at the turn of the century. The Financial Services Authority brought in realistic solvency rules in response and the old system of sweeping things under the carpet and pretending they weren’t there was thrown out.

Mr Cazalet describes the change as “a massive improvement”. But it has clearly made his life too dull, as he is now gunning for defined benefit pension schemes, which he claims are life companies in disguise.

About the blog

FTfm is no longer updated but it remains open as an archive.

FTfm's specialist writing team offer their insights into the global fund management industry.

About the authors

Pauline Skypala has been editor of FTfm for four years having previously been deputy personal finance editor. She joined the FT in 1999 and has been writing on savings and investment issues throughout her career.

Steve Johnson, FTfm deputy editor, has been a journalist for 17 years, 10 of which have been with the FT.

Sophia Grene, reporter on FTfm, has been a financial journalist in print and online for 12 years.

Ruth Sullivan has worked as a financial/business journalist and foreign correspondent and for the past 10 years has been at the FT.