View more on these topics

Growing list of the wounded

Darwinism is the order of the day as the bear market claims another victim with the closure of Pearl to new business.

Pearl is unlikely to be the last. Several insurers and fund managers such as those with a heavy reliance on split-cap trusts can only be described as walking wounded. There is surely little hope that any of those facing a liability due to foolishly promised guarantees or threatened with compensation claims will find a buyer to rescue them from their woes.

The strongest houses are looking stronger by the day, even if only in comparison with the rest.

The second major news of the week sees Abbey National signing up Prudential as its with-profits provider in an embryonic multi-tie. The move must lead IFAs to ask all manner of questions about the bank&#39s faith in Scottish Mutual, which also has a with-profits offering.

But what can be learned about the future landscape? Well, nobody will win a prize for saying there will be fewer fund managers and insurers.

As for distribution, the Pearl closure leaves a question mark over its direct salesforce and the whole concept of lower-level advice. AMP could well go IFA by default.

The Pru deal points to the increase in bank-based distribution. The banks look set to emerge as IFAs&#39 main rivals post-depolarisation.

As questions are raised over the future of salesforces, which might have been able to reach the much talked about financially excluded, what is the Government doing to help? It is planning a range of price-capped products that will pile on the misery and make the situation worse.


Greenshields in shock exit from Zurich

Zurich Financial Services UK Life chief executive Ray Greenshields has unexpectedly quit by mutual agreement after only two years in the job.Greenshields reached the agreement to leave with Zurich Financial Services UK, Ireland and South Africa chief executive Sandy Leitch.The firm is yet to ann-ounce his replacement, with Leitch and Zurich UK Life chief operating […]

Fraser out as AMP splits its UK business in two

AMP&#39s new chief executive Andrew Mohl has announced a radical shake-up of its UK financial services, including the departure of managing director Tom Fraser.The UK business will be downscaled and split into two separate operations following AMP&#39s acceptance that its ambitions to become a top five company in the UK were unrealistic.As part of the […]

Workers strike over scheme

The growing trend of workers taking industrial action in their fight to defend final-salary schemes has spread to Birmingham, where workers at the Yuasa Automotive Batteries (Europe) plant walked out this week.The strike came after a decision by the firm&#39s management to close its final-salary scheme to existing members. The scheme was closed to new […]

Titans clash over with-profits

Standard Life&#39s head of with-profits marketing David Hare will clash with Skandia co-founder Paul Bradshaw over the future of with-profits in the first of a series of financial services debates to be held on Wednesday, October 30.The debates, hosted jointly by Money Marketing and the Financial Services Forum, will take place in front of an […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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