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Abbey Life on random recruitment drive

Abbey Life has resorted to mailing random members of the public, including a member of IFA Promotion&#39s team, to offer them jobs as commission-only direct salespeople.

The troubled life office believes this recruitment strategy will help revive its fortunes which have been flagging since it suffered a massive increase in liabilities last year brought about by the cost of meeting annuity guarantees and the pensions misselling review.

In August this year it was bailed out of a solvency crisis by parent company Lloyds TSB, which pumped £176m into its coffers.

The letter which opens with the line &#34This may come as a surprise, I hope you will find it a pleasant one,&#34 and offers readers the chance to discuss with a regional manager a sales job which does not pay a salary, only commission.

The woman who answered MM&#39s inquiry at the life office declined to say how much money a salesperson could expect to make but said anyone responding to the letter would be put through same training regime as any other salespeople, even those recruited through more orthodox methods.

IFA Promotion managing director Ann-Marie Martyn: &#34This sort of thing gives the industry a bad name and makes you wonder how tarnished is the name of the profession if this is how companies are forced to recruit people.I think its quite tasteless.&#34

Abbey Life communications manager Ginny Broad says: &#34It is one method among many that we use to contact people and there is no obligation for them to follow through.&#34


Pressure to remove FSA right to immunity

Conservative MPs and prominent City figures have stepped up pressure on the Government to scrap plans giving the FSA immunity from prosecution reports the Financial Times.The chief executive of the Futures and Options Association Anthony Bellchambers said the move would deprive firms on the receiving end of FSA negligence no comebacks.Tory MP Andrew Tyrie has […]

ICS to allow claims against eight investment firms

The Investors Compensation Scheme has announced that customers of eight former investment firms can now claim compensation for their losses.The firms involved are UK & Overseas Management of Barwell Leicester, SA Robertson & Company of Kirkintilloch Glasgow, PGL Insurance Consultants of Portsmouth, Milton Financial Services of Sleaford Lincolnshire, Lawrence Davis Associates of Dalkeith Midlothian, KA […]

Royal & SunAlliance launches Oeic

Royal & SunAlliance is launching an Oeic following the conversion of six of its unit trusts into five funds.The equity trust and the Royal Life equity growth trust have been converted to the equity fund, the equity income trust becomes the equity income fund, the FTSE Allshare tracker trust becomes the FTSE Allshare tracker fund, […]

Royal & SunAlliance report 20.2 per cent increase in new business

Royal & SunAlliance has reported a 20.2 per cent rise in new business for the first nine months of the year.The figures reveal equivalent premium income was up by £31.8m to £189.2m from £157.4m over the same period of last year.The rise comes on the back of a 37.5 per cent leap in IFA business […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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