Philip Broadley said the changes were ‘pointless’, that they would confuse shareholders and not reach policyholders, the Daily Telegraph reported.
‘We have also got the international accountancy standard changes coming through in 2005, so there will be two sets of changes,’ Broadley said as the firm announced interim profits up 42% to £563m.
‘Shareholders are not going to welcome that because they will not be able to compare our accounts year by year. The whole thing is being rushed through at a ridiculous pace.’
Last week Britain’s biggest insurance group, Aviva, told Accountancy Age that the new changes would create ‘confusion’ and that rushing the changes through so quickly would be ‘unwise’.
The changes are a result of recommendations in the Penrose Report into the debacle at life assurance firm Equitable Life.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements