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IFA sales fall as Widows’ bonds are hit by CGT changes

Scottish Widows has been hit hard by capital gains tax changes,with a 53 per cent drop in IFA sales of savings and investment products in the first half of this year as insurance bond business suffered.

Overall IFA sales dropped by 5 per cent but the company’s overall sales rose by 15 per cent from £260m to £298m. The fall in IFA business was countered by an 8 per cent increase in bancassurance sales.

IFA sales of individual pensions were up by 12 per cent and corporate pensions were up 32 per cent.

Managing director of marketing and distribution Andy Briggs says: “I think we have a strong set of new business figures. We have gained market share in the first half but we will have to wait for the Association of British Insurers to look at results in order to confirm by how much.

“Given the CGT changes, we will focus our energy on continuing to grow in the pension arena but I think it is unlikely that we would drop insurance bonds completely.

“Sales on the retirement account have more than doubled in the first half of this year compared with the same period last year.”

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