View more on these topics

Lumsden leads Standard in protection challenge

Standard Life is aiming to make a big play in the protection market,

challenging established specialist Scottish Provident, Skandia and new

entrants such as Scottish Equitable.

Finance director Iain Lumsden, who will succeed managing director Scott

Bell next year as group chief executive, says Standard will also be working

to develop new annuity products to meet criticisms of falling annuity rates

and inflexibility.

Standard is looking to integrate its protection range with products from

its healthcare business and is considering following ScotProv&#39s and

ScotEq&#39s footsteps by offering menu-based products.

The launch of a new protection brand is not ruled out. The company says

the demise of endowment products is leaving many people without enough

protection cover.

Lumsden says the IFA channel is set to grow. Contrary to industry opinion,

he claims high-street banks are not queuing up to multi-tie if polarisation

is scrapped. He says the theory that banks want the introduction of

multi-ties so they can sell products from other providers is mistaken.

He says Standard would be heavily involved in the next stage of the

polarisation review and says the current regime has worked well for

customers.

“The demand for multi-ties does not seem to arise from banks. A belief has

originated that banks want to sell other people&#39s products but it is not

obvious they do. The IFA market is more robust than other distribution

channels. Our first focus right now is stakeholder but we must not forget

our roots as a life insurance company,” says Lumsden.

Recommended

Royal & Sun Alliance Luxembourg appoints funds sales manager

Royal and Sun Alliance Investments Luxembourg is appointing Shamik Cholera as retail and institutional funds sales manager for Switzerland as part of its expansion into the European market. Shamik joins from Barclays International Funds Group, where he was offshore sales manager, responsible for marketing products in Switzerland and Luxembourg.Shamik, who will report to sales director […]

BoE hedges out the competition

BoE International, the South African investment banking group, has introduced a fund of hedge funds that will initially invest in 12 hedge funds.The BoE International market neutral fund is an open-ended investment company based in the Isle of Man. It aims to provide high net worth investors with high returns and low volatility by investing […]

New Star Asset Management – New Star European Growth Fund

Tuesday, 10 July 2001.Type: Oeic.Aim: Growth by investing in European companies.Minimum investment: Lump sum £1,000, monthly £100.Investment split: 100 per cent in European equities excluding UK.Isa link: Yes.Pep transfers: Yes.Charges: Initial 5.25 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 0845 6088702 

New Star Asset Management – New Star UK Growth Fund

Tuesday, 10 July 2001.Type: Oeic.Aim: Growth by investing in UK companies.Minimum investment: Lump sum £1,000, monthly £100.Investment split: 100 per cent in UK equities.Isa link: Yes.Pep transfers: YesCharges: Initial 5.25 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 0845 6088702 

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com