View more on these topics

ABI quits ‘expensive’ Gresham Street headquarters amid structural overhaul

Paul Evans 700 x 450

The Association of British Insurers is to quit its expensive City offices and move to a cheaper headquarters in Tower Hill, London.

In December 2013 Money Marketing revealed the trade body was being “crippled” by high rents at its offices in Gresham Street.

The ABI agreed a fixed 25-year lease agreement in 1989, the market peak for City rents, to let 51-55 Gresham Street in London until 24 March 2016.

At the time the trade body believed it could make money from sub-letting parts of the 84,000 square foot building but City rents collapsed soon after the deal was agreed.

A source close to the organisation said rental costs were “crippling” the organisation.

The ABI has not disclosed how much it is paying for the new premises but says it will save money and put the ABI “at the heart of London’s insurance district”.

ABI chairman Paul Evans says: “The ABI modernisation programme will be helped by an opportunity to move out of the very expensive and rather musty premises in Gresham Street. I am delighted to announce today that in early 2016 the ABI will be moving to new offices in 1 America Square.

“This offers a modern office facility, with much improved facilities for all our members, big and small – at a substantially lower cost to members.”

The trade body has also unveiled a structural overhaul including a new associate membership offering.

An ABI spokeswoman says it is in the early stages of designing how this model will work.

She says: “There are relevant businesses which don’t currently qualify for full membership, such as comparison websites, white labellers and insurance defence lawyers, but which have interests closely aligned with our own.

“Associate membership will give these companies some very useful access to the work we do, and we are sure the insurance and long term savings sector as a whole will benefit from the increased level of cooperation across the sector.

“We’re open to shaping it to suit different businesses. It will include access to ABI data, expertise and insight.”

In addition, it has divided its long-term savings committee into two separate groups – one focusing on a forward-looking agenda, and one dealing with legacy issues.

Aviva UK and Ireland chief executive Andy Briggs has also been made deputy chairman of the organisation.

He says: “Our industry has a huge responsibility to ensure that we get the best outcomes for customers at a time of unprecedented regulatory change and the ABI, as the industry body, is central to this.  I am delighted to be taking on the role of deputy chair of the ABI and continuing to play an active role in addressing an increasingly busy industry agenda.”


Pensions-savings-retirement-piggy bank

SJP launches two pension freedoms funds

St James’s Place has launched two income funds aimed at those making use of the new pension freedoms. The diversified bond fund and the strategic income fund will be available for SJP clients from 2 November. Investment managers at Payden & Rygel, Brigade Capital Management and TwentyFour Asset Management will manage the diversified bond fund. […]

Adapt or die: How platforms need to evolve to survive

Platforms are reaching a tipping point as the pension freedoms expose creaking technology and pricing pressures continue to squeeze margins. In a controversial state-of-the-market report last week, consultancy The Lang Cat claimed platforms are “dead” in their current form. The report says the platform market is “struggling”, as evidenced by Legal & General’s failure to […]


Standard Life advice arm deputy exits

The deputy managing director of Standard Life’s advice business 1825 is leaving the company after eight months. Peter Heckingbottom was deputy managing director of Pearson Jones when it was acquired by Standard Life in February. The deal marked the launch of Standard Life’s advice arm 1825. Pearson Jones formed the North East hub of the […]


Savers face multi-million losses in Sipp biofuel investment

Sipp investors are facing millions in write downs on a high risk biofuel investment, which has also been linked to a suspected pension liberation scam. HMRC has written to Sipp providers who may have allowed customers to buy shares in Elysian Fuels, which owned a bioethanol plant in the US and a renewable fuels refinery […]


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