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Clerical finally makes return to GPP market

Clerical Medical is re-entering the commission-based group pension market two and a half years after a flood of new stakeholder group business forced it to close its GPP doors.

Clerical had pledged to return to the market nine months after its group pension admin collapsed under the strain of thousands of stakeholder plans in August 2001.

The firm has processed its admin backlog and is transferring all pension data on to the Equitable Life back-office system bought by parent HBOS.

Sales director Graeme Riddoch says: “We left the group commission market because of the weight of new business that flooded us and we think that decision was the correct one to take. We damaged a lot of IFA relationships and we will never again put new business in front of existing customers.”

Central Financial Planning director Ian Smith says: “Nobody wants to be a guinea pig. To be fair, their investment performance is quite good but it will be a brave man who puts the first big scheme through them.”


&#39PI firms don&#39t understand FOS&#39s conciliatory nature&#39

Professional indemnity insurers&#39 lack of understan-ding of the conciliatory nat-ure of the Financial Ombudsman makes it difficult to solve complaints without apportioning blame, according to FOS head of communications David Cresswell. He says PI firms&#39 interference in trying to cover any exposure that IFA cli-ents may have to misselling claims makes it difficult for the […]

L&G rethinking its stance on with-profits sales

Legal & General says it will review its stance on selling with-profits, saying in the wake of impending regulatory ref-orms, such as the new realistic reporting regime, it has been forced to reconsider the types of business it sells. L&G head of press relations John Morgan says it is not going to be withdrawing from […]

Julian Gibbs

An essential website for investment IFAs is structured It gives full details of every new product and up-to-date reviews and comments. Over £5.3bn of structured retail products were sold last year and, while this was down by 15 per cent on the previous year, this was entirely accounted for by the decline in sales […]

Sales of retail funds rocket 84 per cent in December

Net retail sales of investment funds rocketed 84 per cent from November to December, according to the IMA. The trade body&#39s monthly figures reveal that net sales hit £834m in December from £480m in the previous month. Isa sales were up 5 per cent, to £209m from £201m. Total funds under management in 2003 grew […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


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