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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.”

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