View more on these topics

AMP retreat throws up several concerns Better than nothing

It always sounded just like so much hot air. AMP&#39s old UK strategy

relied on all manner of Government promises coupled with a huge doses

of wishful thinking. Great things were expected of low-cost sales

multi-ties and 1 per cent products. Other should take note. Now AMP

is retreating back to Australia, leaving something in the UK to be

known as Henderson.

But there are several concerns. First, the fate of Pearl and London

Life customers, many of them are now IFA clients whose savings are to

be managed in a cautious manner at a time when cautious assets may

not be appropriate. Second, we hope the credible parts of the

business such as Henderson and a recovering Towry Law do not see

their interests or credibility compromised by the need for AMP&#39s

swift exit.

The UK chief executive has taken some difficult but brave decisions

to save the company but he has a great deal still to do.

“Well, it&#39s better than nothing” has been the almost universal

reaction to Prudential&#39s compromise offer last week. It now also

seems that small IFAs as well as big organisations will benefit. It

would still be better if Pru had changed its mind on the whole issue.

They should have consulted not just their accountants but their

marketing and sales men and women.

It may still be underestimating the long-term damage the company has done to its

reputation. Of course, the decision will become irrevocable as IFAs

begin the task of rebroking. We shall see how far £75 stretches.

And what will the clients think?

The deal is better than nothing.


Scottish Life – Individual Personal Pension Plan

Type: Individual personal pension plan Minimum premium: Lump sum £1,000, monthly £50, annual £600 Minimum-maximum ages: From birth-75 Fund links: UK equity, UK ethical, global managed, European, managed, with profits, property, fixed interest, index linked, defensive managed, corporate bond, security 98, security 100, deposit, Japan, Far East, global equity, Pacific, worldwide, UK mid cap, American, […]

Revival of regional exchanges set to boost IFA business

A planned revival of regional stock exchanges across the UK togenerate more investment in SMEs could bring new inv-estment businessfor IFAs.The exchanges, being set up by regional chambers of commerce andregional development agencies, are set to target individual IFAs andIFA networks as distribution channels to encourage local investmentin local businesses. There are plans to develop […]

PPML appoints new marketing head

Sipp administrator PPML is appointing Gareth Davies as head of marketing, reporting directly to marketing and development director Kevan Ward. Davies joins from PPML parent Credit Suisse where he has held a number of strategic business development and marketing roles in the UK, Switzerland and France.Davies is an active human rights campaigner and chaired the […]

Home truths for loan guru

On the wrong Home-track after the Headline money awards last week wasWrigles-worth Consultancy mortgage guru John Wriglesworth.The Diary learns that after the sound of gongs had died away, ourJohn piled into a taxi only to find out he had forgotten where helived.As a man who spends so much of the time watching movements in thehousing […]

Three catalysts for European equities

By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]


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