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IFA sales surge at Scottish Friendly

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

£5.9m.

Isa sales totalled £3.1m, of which £1.4m was raised by sales of

Scottish Friendly&#39s 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.”

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