Decided to exit my position on this.

Concerned with FSA investigation into existing annuity market.

Also concerned about new sales – saw a PWC survey suggesting 75% of people wont buy an annuity – its only one survey but is significantly worse than my assumption of a 50% fall.

I am also not happy about the way the stock has moved – usually dead cats bounce. This one has remained very much dead.

The stock has pretty much flatlined – not the reaction I would expect / hope for given such a large one day fall.

Exited at a loss of c10%.

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