Phoenix Group to report one-off £70m provision in results - report

Phoenix Group slumped on Monday after The Times suggested it will report a one-off provision of £70m in its annual results on Friday to cover the cost of reducing customer charges.

According to The Times, it will cover a cut in annual pension charges across old funds, and other customer support measures, to comply with the Financial Conduct Authority’s new consumer duty rules.

These will start to apply to off-sale or closed-book financial products from 31 July.

At 1215 GMT, the shares were down 4.3% at 482.91p.