View more on these topics

53 jobs go as Abbey offshore arms shut

Abbey National is closing two of its offshore life insurance subsidiaries with immediate effect at the cost of up to 53 jobs.

Scottish Mutual International and Scottish Provident Ireland, the company&#39s two Dublin-based life operations, closed their doors to new business this week.

At the end of last year, the two firms held over 125,000 policies and nearly £4bn of assets under management. They conducted business in the UK, Ireland, Europe, the Far East and the Middle East.

Abbey says it is still looking at exit options at its other offshore subsidiary, Isle of Man-based Scottish Provident International.

It says the decision is a result of the poor investment market conditions and will affect 53 business support roles. However, some staff will stay on to look after existing policyholders until the investment book runs off. SMI and SPIreland will continue to service their existing customers and investments will still be managed by Abbey National Asset Managers in Glasgow.

There are also plans to combine the two head-office operations to streamline business.

Director of international life businesses Peter Towers says: “We will be contacting all our brokers to explain how the decision will affect them and to assure them that we are committed to continuing to service our existing customers in the same highly professional manner.”


MEP in last-ditch appeal on execution-only services

A British MEP is lobbying the European Parliament in a last-ditch attempt to change part of a controversial new directive that would make execution-only services a thing of the past.Conservative finance spokeswoman Theresa Villiers is demanding that the EP changes section 18 of the Investment Services Directive which will basically outlaw execution-only business.The ISD aims […]

Pru &#39considering debut in equity-release market&#39

Prudential is considering entering the equity-release market as soon as June in a bid to take advantage of one of the few rapidly growing business areas, say sources close to the provider.The news comes only two weeks after the Pru increased rates and revoked guaranteed premiums on pipeline and new critical-illness policies, leading many IFAs […]

Secret agency?

Following a plane crash in Tibet, two men and a woman end up with superhuman powers and are now working for the top-secret Nemesis organisation. They&#39re the tops. The best. The peak. They&#39re the Champions.Or are they in fact fledgling consultancy Onevoice? Looking marginally more like the early 1970s superheroes than a still from Popstars: […]

Barclays creates guaranteed bond linked to gold

Barclays Private Clients Premier Banking, the wealth management division of Barclays, is offering retail investors a capital-protected bond that is linked to the price of gold for a six-month term. The gold index-linked deposit account is aimed at wealthy investors with at least £50,000 and offers investors a full capital return regardless of gold prices. […]

Europe: Volatile share prices create opportunities for long-term investors

Mark Page and Laurent Millet, managers of the Artemis European Opportunities Fund, look at why, how and where fluctuations in European markets can generate opportunities for their fund. When asked what the stock market would do next, John Pierpont Morgan is reported to have replied that “it will fluctuate”. His (apocryphal) answer proved accurate. Over […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm