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Kirwan warns Santander could sell Abbey intermediary arms

Scottish Widows marketing director Nick Kirwan is warning that Santander Central Hispano could sell off Abbey&#39s intermediary businesses if its £8.55bn bid is successful.

Kirwan, ex-head of marketing at Abbey subsidiary Scottish Provident, says using intermediaries in Spain is rare.

In a recent letter to IFAs, Santander says a key part of the deal is “to build on Abbey&#39s existing relationship with intermediaries”.

Kirwan says: “Abbey for Intermediaries has the potential to go. Scottish Provident is an extremely strong brand. SCH may decide to allow it to operate independently but if the brand did go it would be madness.”

SCH would not comment on the matter.

Hamptons International Mortgages broker Jonathan Cornell says Santander may be wary of the “ticking timebomb” of endowments so it could sever itself from the life sector. He says: “Intermediaries provide the bulk of mortgage distribution so it would be strange to let them go. In terms of Scottish Provident, does it form part of their core strategy? If Abbey wants a serious crack at things, they cannot ignore intermediaries.”

•Way clear for Santander, p14


Levy mettle

The Association of Mortgage Intermediaries is keen to establish a voluntary arrangement with lenders to subsidise intermediaries&#39 payments to the Financial Services Compensation Scheme after the industry becomes regulated. A similar subsidy has until now been in place for life and pension IFAs via the Pass scheme set up by product providers although this subsidy […]

Axa starting £6m ad push to unite brands

Axa is running a £6m advertising campaign to bring together its three UK businesses under a single branding. The campaign will unite Axa Insurance, Axa Sun Life and Axa PPP Healthcare under one brand strategy. The campaign will use a Be Life Confident theme to promote its investments, pensions, healthcare and insurance products. The campaign […]

Hall faces dilemma on no-fee stance

Alexander Hall mortgage brokers says it will have to offer a fee-based advice option for its customers to secure its independent status despite its no-fee stance. Chief operating officer Andy Pratt says its no-fee status has been threatened by the FSA&#39s guidelines because brokers must give clients the opportunity to pay a fee if they […]

Out of context

•”Hi. I&#39m a confused IFA. Is there any other kind?” – IFA Michael Jacobson phones MM. •”Please give me a call if you have any questions regarding the press release or would like an excellent recipe for beef stroganoff.” – Richard Hurst of Trigold. •”I was out until 3am last night. Yes, for an old […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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