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U.K. Insurer Expands Compliance Team

Resolution, the U.K.'s largest specialist manager of life funds, is expanding its compliance team in the wake of its recent acquisition of Abbey National's Abbey National Life business.

Resolution, the U.K.'s largest specialist manager of life funds, is expanding its compliance team in the wake of its recent acquisition of Abbey National's Abbey National Life business. Resolution, which also owns subsidiaries Century Life, Scottish Provident and Scottish Mutual, acquired the Glasgow-based insurer at the beginning of the month and will rename it Phoenix Life. Lucy Symonds, a Resolution spokeswoman, said the compliance officer, who will be based in Glasgow, will be responsible for all regulatory and money laundering compliance issues.

The division in Glasgow will be called Resolution North and will join the Resolution South office, which has its own compliance officer based in Birmingham, England, Symonds said. The position will both report to the overall head of compliance in London, Charles Garthwaite. He said that it was essential that each division of Resolution had its own head of compliance "to pickup the baton locally." He added that Abbey National Life's compliance was all based centrally. Garthwaite confirmed that a key element of the role will be "maintaining a positive relationship with the FSA and other regulatory authorities."

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