View more on these topics

Abbey to outsource mortage processing

Abbey National is working on plans to outsource the running of its mortgage processing, credit card and general insurance operations in a bid to slash costs by up to £150m a year.

It is understand the high street bank is in talks with EDS, the American computer specialist, about taking over its mortgage processing system.

Abbey is also discussing plans to distance itself from its credit card operations. It is talking with a number of companies about this, including MBNA, a American credit card company which has been aggressively expanding its stake in the UK in recent years.

In an attempt to shake-up its general insurance business, Abbey is planning to change its relationship with life office CGNU. This move could put 600 jobs at risk. CGNU supplies the bank with general insurance products including buildings and contents, travel and motor insurance. The underwriting is done by Abbey staff, but under the plan the entire operation would be moved to CGNU.

The plans are part of a drive by chief executive Ian Harley to reduce costs in light of the bank&#39s flagging share price. Harley is said to be concerned it could lead to a take-over bid.


Merrill Lynch loses funds to Barclays

Merrill Lynch Investment Managers could end up being one of the biggest loser in the Barclays&#39 takeover of the Woolwich, City experts predict. The fund manager, formerly Mercury Asset Management, manages two highly profitable funds for Woolwich. It is widely thought the funds, the £1.2bn UK Stockmarket fund and the £680m Corporate Bond Fund, will […]

National Mutual makes several appointments

Life office National Mutual has announced several senior appointments. Andrew Wilkinson, previously an area sales manager, has been appointed head of marketing. Human resources head Helen Thompson has been appointed head of customer services, and Mike Jackson, formerly national accounts manager, is appointed to the beefed-up post of head of national accounts. National Mutual deputy […]

NDF Administration introduces fourth edition of extra income and growth plan 4

The product is a guaranteed income/growth bond, with the investment management provided by Abbey National Treasury. The investor will buy shares in Census, an investment company based in Ireland. Census will then invest in the Dow Jones Eurostoxx 50 index over a three year period.During this time if the Eurostoxx 50 index falls by 20 […]

Ads update cleric and medic theme

Clerical Medical&#39s antiquated doctor and vicar pairing are to be dragged into the new millennium in the life office&#39s latest ad campaign.The 21st Century versions of the cleric and medic replace the Regency gentlemen with a professional couple in their 30s. As part of the modernisation, the vicar is a woman.The campaign will drive home […]

Global equities: time to de-risk?

While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]


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