View more on these topics

Eq Life appoints admin provider HCL to replace Lloyds

Equitable Life has appointed HCL Insurance Business Services to provide administration for the society from March 2011.

Equitable Life undertook a thorough selection process to determine the right company to provide administrative services to the Society and its policyholders during run-off, taking over from Lloyds Banking Group.

The new agreement runs until the last policy ends, which is expected to be at least 30 years.

The society is expecting to make cost savings as a result of the new contract of approximately £8m in the first full year and it expects to reduce its provision for future costs by more than £100m.

Lloyds will continue to provide administrative services to Equitable Life until the end of the current contract in 2011 after which, 340 roles at Lloyds connected with this contract will transfer to HCL.

Following completion of the transfer, Equitable expects around100 full time roles will remain at its offices in Aylesbury and a small number will be relocated within HCL’s other sites in the UK and India.

Equitable chief executive Chris Wiscarson says: “HCL has an impressive reputation and I am confident that they will provide great service and great value to policyholders. I want to help restore policyholders’ savings and this is an important step in that direction.

“I very much regret the concern, uncertainty and disruption these changes will cause for many people in Aylesbury. We will keep those people fully informed and supported over the next 15 months to help them plan for their future as effectively as possible.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Hang on a minute, alll the old policy records going back 30 years or so necessary for calculating any compensation finally wrung out of Godon Brown; will be held on the Equitable Computer bought by Halifax in 2001 and now presumably owned by LLoyds.

    Will all these historic records transfer to HCL to enable compensation amounts to be calculated on policies which might have ceased to exist in 1999/ 2001 ?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com