View more on these topics

Clerical doubled up with business

The avalanche of new business that forced Clerical Medical to close to new group pension business has become apparent after the company published its business results for last year.

New business soared last year by 141 per cent to £469m from £286m. Group pension business leapt by 85 per cent, totalling £148.7m equivalent premium income for 2001 from £61.8m in 2000 despite the company closing its doors to new group business in August last year.

The company says the backlog has not yet been cleared and it will not be ready to re-enter the group pension market for another few months.

Individual pension business in 2001 was up by 72 per cent, rising to £114.2m from £66.5m. Investment business increased by 21 per cent to £104.4m from £86.3m in 2000.

Sales from its international arm into the UK increased by 36 per cent to £92.9m from £68.3m.

Chief executive John Edwards says: “Any company that achieved less than 30 per cent in 2001 went backwards in term of market share. A gulf is beginning to emerge between those providers that IFAs recognise as having long-term viable futures and those with a less certain future.

“Looking ahead, depolarisation will introduce change into the UK IFA market and our focus is to assist today&#39s IFAs to prosper in the new market environment. Alongside our strategy for continued growth in the UK, we are planning for significant growth in the European markets in which we operate – Germany, Austria, Italy and Belgium – particularly in pension markets as pension reform sweeps Europe.”


Advisers get set for S2P bonanza

The Government&#39s new state second pension, which this month replaced Serps as the top-up to the basic state pension, could prove to be a useful financial planning tool for IFAs.The new scheme offers IFA clients a potential bonanza even more beneficial than that of the doctors&#39 wives&#39 loophole under Serps which allowed clients to maximise […]

Belfast: IFA firm in money laundering investigation

Police in Northern Ireland are investigating Belfast-based IFA firm Northern Ireland Insurance Brokerage over allegations of money laundering involving offshore bonds in the Isle of Man.UK insurance companies, including Scottish Life International and Norwich Union, are helping with the investigation. The FSA says it is working with the police.A spokesman for the Police Service of […]

B&W bond reaches issue 14

Bristol & West has introduced issue 14 of its five-year guaranteed equity bond, which is linked to the FTSE 100, Eurostoxx 50 and Nikkei 225 indices.Investors with between £500 and £1m are guaranteed the return of their original capital regardless of the movements in the three indices. They will also receive 70 per cent of […]

Labour may hit middle income earners says R&SA

Next week&#39s budget could see Labour putting the squeeze on middle income earners, warns R&SA Investments senior economist Steven Andrew.Andrew believes the Treasury will not increase the rate of income tax but raise revenue by adjusting the National Insurance system.Andrew says: “Considering Labour&#39s penchant for stealth taxes I expect a significant tax hike for individuals. […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


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