Scottish Friendly Assurance has seen a 35 per cent surge in IFA business
in the first half of this year to £739,000 from £547,000 for the
same period last year.
The friendly society bel-ieves increased trade marketing activity and a
higher profile among IFAs are the reasons for this growth.
Sales through direct marketing rose by 20 per cent to £7.1m from
Isa sales totalled £3.1m, of which £1.4m was raised by sales of
Scottish Friendly's insurance mini Isa. Overall, the society reported a
growth in new business of 16 per cent to £8.3m from £7.2m.
The increase in business comes despite Scottish Fri-endly recently
disbanding its direct salesforce due to costs.
As a result of the cost savings, the society predicts that charges on its
with-profits policies, currently showing a projected reduction yield of
just 1.6 per cent, will be improved significantly.
Chief executive Bob Thomson says: “We are still a relatively small player
in the financial services sector but our success cannot be denied.”