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Greater sales focus for Yousefi successor

Alliance & Leicester looks set to convert the role of its former head of intermediary mortgages Mehrdad Yousefi into a sales-facing position.

The lender has yet to reveal who will replace Yousefi, having announced his departure after 18 years at A&L in March. He joins Merrill Lynch subsidiary Wave as director of distribution and sales on August 13.

An A&L spokesman says it has split Yousefi’s role and director of mortgage distribution Raj Uppal is currently overseeing the sales position.

With margins tightening for lenders, sources suggest A&L is looking closely at its cost basis.

Robert Sterling Kevin Duffy says it is critical that A&L makes a leading appointment.

Alexander Hall chief executive Andy Pratt says Yousefi has done a lot to raise the profile of A&L, which four years ago had a weak presence in the intermediary market. He says: “His role was not just sales-focused and to directly replace someone like him will be difficult for A&L. Its primary focus will be to find someone to replace the sales role and later it can develop its face in the industry.”



Deutsche Bank clinches £1bn deal for Abbey Life

Lloyds TSB is to sell its closed life insurance business, Abbey Life, to Deutsche Bank in a deal worth close to £1bn. Lloyds TSB announced on Tuesday that subsidiary Scottish Widows had reached an agreement with the German bank to sell the business for £977m, with the deal expected to go through in the second […]

ScotProv in rethink of CI timeline

Scottish Provident has updated its critical-illness definitions timeline to include the Association of Brit-ish Insurers’ critical illness standard definitions, released this year.The timeline outlines the insurer’s current definition for each illness and details all the past definitions that it has used since the product was launched.ScotProv says that it is the only insurer offering such […]

Murray says Transact advisers can meet tough definition of professional planners

Transact’s head of marketing Malcolm Murray says that advisers using his platform will be able to satisfy even a very tight definition of customer agreed remuneration as recently proposed by the ABI. Murray also says that the UK could benefit from the return of direct sales forces selling simple products and protection and suggests that […]

Less scrutiny if firms can prove TCF credentials

The FSA has published guidance to help adviser firms improve their standards for treating customers fairly and has promised less scrutiny of firms that prove their TCF credentials.Last week, the FSA published a paper on TCF culture, including examples of good and bad practice and a framework for firms to assess barriers to TCF development. […]


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