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Clerical in stake return

Clerical Medical is set to make a return to the group stakeholder market on the back of the systems it bought from Equitable Life last year.

The company had been forced into a retreat from the market in August last year following a backlog at its admin centre in Bristol. The company said it hoped to return to the market in early 2001 but commentators speculated that it would never return.

Speaking to Money Marketing, HBOS chief executive of life and investments Phil Hodkinson says all the group pension business is to be migrated to the systems it bought from Equitable last year, allowing it to start marketing group stakeholder to IFAs again through the Clerical brand.

Under the terms of the deal, Halifax bought the operating assets of Equitable for £1bn, half of which was up front, £250m following the compromise agreement and £250m dependent on future sales.

•Profile, p43


Mortgage Next launches new Bristol & West funded product

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Down to business

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Dual carriageway

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Scottish Mutual expands options for fourth bond issue

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