View more on these topics

Equitable Life bids to cling on to salesforce

Misys and Bankhall are both out to cherrypick the Equitable Life salesforce after the life company put itself up for sale last week following its defeat on an appealin the House of Lords.

But they will have their work cut out as Equitable is drawing up packages which are designed to retain its400-strong salesforce.

The life office says the salesforce will keep it attractive to buyers despite the £1.5bn bill from the cost of meeting its guaranteed annuity policies.

Bankhall says it is interested in the salesforce because they are “experienced, capable and professional”. With Equitable, they earn an average of £50,000 a year and write £6m each a year in new business.

Misys is discussing how the salespeople can become IFAs. They could join its national brokerage or set up in business with one of its five networks, including Countrywide, Financial Options and Kestrel.

J Rothschild Assurance is also believed to be interested in recruiting Equitable&#39s sales staff.

Equitable Life head of PR Nigel Webb says: “We want to sell the business in its current state so it is commercially sensible to have retention packages for the salesforce.”

Equitable case details and reaction, p8


A Consumer&#39s View

The latest report from Opra ought to stir the Government into some sort of action.Once again, chairman John Hayes finds it necessary to reprimand pension scheme auditors and trustees for serious breaches of pension legislation. This should not be allowed to continue.Hayes says: “Production of the accounts and the role of the auditor as statutory […]

Clerical Medical creates three offshore divisions

Clerical Medical is forming three new divisions in a bid to grow its business in the European and UK offshore markets.The life office aims todouble new business from the UK offshore market within three years. It is also looking to more than double business from Europe within two years and achieve a fourfold increase by […]

£3bn remortgaging boom defies forecast slowdown

Mortgage lending rose strongly in June to £11.5bn from £10.1bn in May, despite predictions that it would level off, according to figures from the Council of Mortgage Lenders.The CML says high levels of remortgaging are driving the upturn, with £3.3bn worth of business written in June.It says this is the highest level since collection of […]

German bank merger talks collapse

Merger talks between German banks Commerzbank and Dresdner Bank have collapsed, ending six weeks of speculation that the two would get into bed together. Both have a significant presence in the UK, Commerzbank owns Jupiter Asset Management and Dresdner has its investment arm, Dresdner RCM Global. The news comes as a particularly hard blow to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment