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Abbey buys Scottish Provident for £2bn

Abbey National has reportedly won the Scottish Provident sweepstakes with a deal for the purchase of the mutual insurer worth £2bn.

The sale will result in windfalls for Scot Prov policyholders of an average of £4,500 to £6,500 each.

Abbey was facing competition from a number of rivals including Royal London, Liverpool Victoria, Old Mutual and Swiss Life. All of them had expressed interest following Scot Prov&#39s announcement earlier this year it was interested in demutualisation.

Any deal would have to be approved by the life office&#39s 450,000 policyholders. A vote is most likely to be held next spring, with windfalls being paid to those eligible by the autumn.

Abbey will likely sell off Scot Prov&#39s 38 per cent interest in fund manager Aberdeen Asset Management worth between £300m and £400m. Scot Prov has a total of £10.5bn in assets.

If successful the move will redeem Abbey chief executive Ian Harley who failed in his bid to buy Scottish Amicable in 1997.


First British president for MDRT in 73 years

Bristol IFA Tony Gordon has been appointed the first Brit-ish president of global fin-ancial adviser support organisation The Million Dollar Round Table.This is the first time in the organisation&#39s 73-year history that an individual from outside the US or Canada has taken the top position.Gordon is co-founder ofIFA Redcliffe Associates and has been a member […]

First website is set up for Muslim investors

Muslims now have their own financial services, which was set up last week, aimsto enable Muslims to manage their financial affairs in accordance with Islamicor Shari&#39ah law. Under Shair&#39ah law, Muslims are prevented from investing in companies whose business involves alcohol, gambling, pork products or pornography.The website offers stock-screening, where stocks arefiltered against Islamic-per- […]

CA&#39s draft rules on mortgages welcomed by CML

The Council of Mortgage Lenders has welcomed the Consumers&#39 Association guidance to lenders on best practice for drafting mortgage terms and conditions.The two organisations are in agreement on many issues regarding the fairness of mortgage terms but the CA backed down on some issues and amended the draft guidance following talks with the CML.The CML […]

Gib is on the Rocks

Staff at Clerical Medical&#39s product development department are distraught that their mascot toy gibbon has been “gibnapped” by the shadowy Radical Anti-gibbon Unit (Ragu).Gib has been missing for over two months and has been sighted as far afield as Scotland, Ireland, France and most recently in London.Events have now taken a sinister turn for the […]


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