Ken's column: Red tape and squeezed profit margins caused Axa move
25 May 2016
In the 1970s, when the UK had to go cap in hand to the International Monetary Fund, a popular car sticker was “Will the last businessman to leave the country please turn out the lights”.
Looking at the recent decision by Axa to quit the UK’s life, pensions and savings markets, perhaps we need a new sticker for the last life company to leave the country. Given the weight of regulation, and the constant squeeze on profit margins, we should not be too surprised by Axa’s decision, nor will it be alone in this move. What is a bit surprising is that Axa appears to be confident it can generate the higher margins needed in other parts of Europe.
To read the rest of Ken's article in full, please click here