Advisers are welcoming the news that the Board of Resolution has recommended Pearl’s takeover offer to its shareholders, saying they had concerns over a deal with the other contenders.
Richard Jacobs Pensions & Trustee Services director Richard Jacobs says he is glad that Friends Provident and Standard Life did not win the battle for Resolution because the closed-life fund provider has its shareholders interests at heart, rather than its customers.
Jacobs says: “Pearl and Resolution are a new breed of predator and they suit each other admirably. When I first heard about Friends’ bid for the firm, I stopped giving business to them because I did not want to see a good client centred insurance company merging with Resolution because they have different priorities at heart.”
Syndaxi Financial Planning managing director Robert Reid says Pearl has a far better attitude to treating customers fairly than Resolution, so he is pleased by the potential takeover.
Reid says: “Resolution is somewhat difficult to deal with but Pearl has the attitude that they need to improve service. Perhaps Resolution’s service will improve as a result of its acquisition.
“It is not going to make a dramatic difference to policyholders. The interesting consideration is what happens to Resolution Asset Management? The question is whether it is seen as core or not.”