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Lifeboat looks for a rescue

It is never good to see a business falter or fail. Lifeboat Financial Group, the Telford group of IFAs and brokers has gone into administration.

The news will no doubt send a few shivers across the marketplace. Presumably, the management of some medium or large adviser companies out there know that they are close to or have come close to such a state in the past.We can only hope that their numbers are few.

At the time of Money Marketing going to press, the administrators were seeking buyers to take on the Lifeboat business and, in a climate where so much is up for grabs in distribution terms, it is more likely than not that a knight in shining armour will emerge.

If one does not, however, then it will be an important signal to the market that the sources of funding for buying distribution are not infinite. Providers&#39 pockets may still be deep but they will be selective in choosing where to spend their cash.


Farrow&#39s view

Is it just me or are the months getting shorter? It certainly seems that way. I am sure there used to be a time when housing data was published just once or twice a month. But having a housing report-free week today is a bit like having a Sven and Nancy-free week – nigh on […]

Pru cuts bond link with Abbey

Prudential and Abbey have terminated a distribution agreement following disappointing sales. Prudential signed a four-year deal with Abbey in January 2003 to sell the Prudence bond through its 756-branch network. Prudential spokesman Steve Colton says the move will have minimal impact on the provider&#39s with profits sales, as partnership sales represented 1 per cent of […]

Pinnacle Insurance launches monthly income bond

Pinnacle Insurance is launching a monthly income version of their Pinnacle Guaranteed Bond on September 1 to meet consumer and IFA demand for a monthly income product. Research conducted by Pinnacle Insurance shows that 50 per cent of customers would choose the monthly income option over annual income or growth. The firm says the option, […]

IFAs cast doubt on profitability of stakeholder

Sixty per cent of IFAs believe the new stakeholder products will not have much of an impact on their business and 50 per cent to do not intend to sell them according to a report by market research company Datamonitor . A third of IFAs said they would need premiums of at least £200 per […]


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