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Friends looks at single Sipps

Friends Provident is consider- ing a push into the individual Sipp market.

UK managing director Simon Clamp says the firm’s technological capability means it would be well placed to compete with Sipp providers. He adds that the business is attractive because it is less capital-intensive than other product lines.

He says: “We are particularly interested in how the individual Sipp market might move forward. We are not a player in that market at the moment but we are interested, given our other capabilities in this area, particularly group pensions and systems. We have been moving away from the more capital-intensive products, we see the future as capital-light products. We are considering how we might leverage our core competencies of corporate pensions and protection. We are currently thinking about whether we go down exploiting that individual Sipp opportunity.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “If Friends cannot do capital-intensive business such as annuities and it is really good on technology, then it seems a logical step.”


Whole numbers

Is it only me that is questioning the worth and the motives of the Association of British Insurers? In 2007, its lobbying succeeded so famously that the initial retail distribution review publication appeared to be a replica of its official submission.

ECB cuts rates by 0.25%

The European Central Bank (ECB) has cut interest rates by 25 basis points and decided to pump €60 billion (£52.7 billion) into the eurozone economy. Interest rates now stand at 1% and the marginal lending facility was cut by 50 basis points to 1.75%. The Governing Council will also embark upon an “enhanced credit support […]

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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