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Advisers&#39 fears over firm&#39s closure to UK life business

IFAs have reacted with concern to the closure of R&SA&#39s UK life business, warning that other life companies will follow.

Advisers say the decision to stop writing with-profits last year meant the writing was on the wall and say the closure of a household name will dent consumer confidence. They also claim the company&#39s move to IFA distribution after selling its direct salesforce failed to convince them of its commitment to the market.

Dennehy Weller managing director Brian Dennehy says: “We have not done business with R&SA for a year – I suppose part of the problem is that none of us has.”

Baronworth Investment Services director Colin Jackson says: “It is very worrying. R&SA is a major life company – is this the first of others? A year ago, I would never have imagined in my wildest dreams that I would be hearing this. The health of life companies is uppermost in people&#39s minds and they are looking to put money with household names and this is one of them.”

Syndaxi principal Robert Reid says: “I can see other companies looking to see if they want to follow – it is easier to take the decision after one company already has. This could be the first of many.”


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Fixed rate loans from Britannic

Britannic Money is introducing a range of fixed rate flexible mortgages, which it says will appeal to self-employed borrowers by catering for their entrepreneurial lifestyle.The loans are fixed at a rate of 4.75 percent for two years with a maximum loan to value of up to 85 percent. There is also a three year fixed […]

Friendly Isa looks for recovery

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Aegon swoops again to buy IFA A&B

Aegon has swooped again to acquire 100 per cent of IFA Advisory & Brokerage Services for an undisclosed sum.The purchase follows the acquisition of Wentworth Rose in June by the Dutch insurance giant which owns the Scottish Equitable brand in the UK.A&B, which will remain independent, is based in central london and has 29 RIs. […]

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]


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