View more on these topics

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

Recommended

Mortgage Next launches new Bristol & West funded product

Network Mortgage Next has launched a new mortgage funded by Bristol & West with a two year, two per cent discount off the lender&#39s standard variable rate. This gives a current rate of 3.95 per cent. It pays a procuration fee of 0.3 per cent with a minimum fee of £300 and is available on […]

Down to business

I am a Dutch national who has been resident in the UK for the past 25 years and is now within six years of retirement age. Having built up substantial pension fund assets in the UK, I am concerned about the currency risks I face. Should I return to the Netherlands at retirement? During our […]

Dual carriageway

Abbey National, the last of the five big lenders to face action over dual-rate loans, could be facing payouts of more than £10m to 15,000 borrowers.But it could be worse, Abbey has followed the HSBC and Cheltenham & Gloucester path in opting to pay out only to customers who made complaints while the rate was […]

Scottish Mutual expands options for fourth bond issue

Scottish Mutual has introduced the fourth issue of its income and growth plan, a guaranteed equity bond that is linked to the Eurostoxx 50 index through a Dublin-based company called Quaich Investments 8.The plan has two options. The balanced income and growth option offers annual income of 8 per cent, quarterly income at 1.9 per […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment