View more on these topics

Lending and market share fall but Abbey back in profit

Abbey is back in profit, turning round a 686m loss in 2003 into a 273m profit last year.

Gross mortgage lending was down by 8.6 per cent to 25bn from 29.1bn. and the firm’s market share of gross lending was down from 10.7 per cent to 8.6 per cent.

Protection sales fell by 22 per cent to 97m from 125m. General insurance sales also fell, in part reflecting lower mortgage volumes as well as Abbey’s exit from travel and motor insurance.

Abbey says its aim for this year is to improve sales productivity while reducing costs.

The company’s focus will be on retail banking and to improve sales and revenue performance across all the sales channels.

Chief executive Francisco Gomez-Roldan says: “This business has huge potential. We can now realise this using Santander’s strength and placing a strong emphasis on execution.”


Friends makes two new senior level appointments

Friends Provident has appointed Jim Halliday as head of group accounting, and Mike Collins as head of with-profits actuarial services, both with immediate effect.The appointments reflect the growing importance of commercial and technical accounting advice to the provider, and its focus on growing with-profits business. Halliday will provide financial advice on appraising corporate transactions, and […]

The PFS view

One of the main reasons for forming the Personal Finance Society is to improve the perceptions of financial advisers.

DWP launches new website

The DWP has launched a new website aimed at offering advice and examples of good practice in employer pension provision.Employer Task Force chairman Sir Peter Davis and Alan Johnson MP unveiled the website which has been produced following an ETF report recommendation published in December.The website can be found at says: “By drawing together […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment