As we head into 2011, there is uncertainty about whether the policy measures taken by central banks will be sufficient to generate economic recovery. We expect economic growth to slow as the Government embarks on one of the greatest periods of fiscal tightening since the Second World War.

We expect to see continued consolidation across our markets as providers without sufficient scale struggle to compete. Additionally, providers dependent on high commission distribution strategies are likely to be negatively impacted by the RDR.