New Millfield chief executive Alan Easter says his priorities are to create financial stability for the company and clar-ify its role in the market.Easter, who took over last week, is in discussions with the company’s backers about restructuring its debt and raising money to address its 1.5m capital adequacy shortfall. Millfield brought in turnround consultants this month to advise on this and help Easter and the board of directors reshape the firm’s business model to make it profitable. Easter is concerned that Millfield has moved away from its core service provision model and there is confusion in the market about what exactly the firm does. He says: “Millfield is a broken model. It is not making money. I need to return it to being a provider of services.” Easter says he has experience of corporate turn-rounds, having worked at Interactive Investor from its launch through its acquisition and later disposal by AMP. He also previously worked at boutique fund manager London & Capital, Scottish Life and Axa. At Axa, he worked closely with Millfield, which was a key account. He declines to comment on whether a date has been set for Millfield to meet its capital adequacy shortfall. Easter says: “I can confirm that the business is not trading insolvently, contrary to what the recruitment departments of some other firms might indicate.” In: Alan Easter New Millfield chief executive Alan Easter has only been with the firm for 10 weeks, joining in March as sales and marketing director. He has worked for a variety of life companies and has experience of corporate turn-rounds from his time at Interactive Investor (iii). May 12, 2006: Millfield, chief executiveMarch 2006: Millfield, sales & marketing director2005: London & Capital, group sales & marketing director2003-2004: Capital Accumulation Ltd (iii), group sales director2002-03: AMP NPI, head of key accounts; AMP International, European Business M&A team.2001-02 Axa Sun Life, sales development director1986-2001 Scottish Life Assurance Company, latterly London sales managerBorn: 1965 Out: Paul Tebbutt Departed Millfield chief executive Tebbutt set up the firm in 1999 alongside then chief executive Bryan Beeston and John Potts. Tebbutt held the position of chairman, becoming chief executive in March 2001 when the firm floated on Aim.2004: Oversaw merger with Inter-Alliance2001: Appointed Millfield chief executive1999: co-founder & chairman Millfield1997: GAN, sales & marketing director1972-97: accountant, Property Growth Assurance, then marketing director, sales & marketing director (under Sun Alliance), head of direct sales distribution (under Royal & Sun) Born: 1952
How is the 10-year anniversary charge calculated on a settlement?
Bashing the FSA’s treating customers fairly regime would appear to be all the rage once again. It seems everyone is straining at the leash to knock the jewel in the FSA’s principles based crown, from top industry bosses such as Park Row chief executive Peter Sprung, to the Law Society.
Aaarrggggh. Yet more technical papers that must be read. I don’t know about you but my pile of reading is nearly reaching the ceiling.
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A report from the Centre for the Modern Family out last week presents some interesting — and perhaps rather worrying — findings.
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