Life office giants Standard Life and Prudential are undergoing boardroom reshuffles.Standard Life finance director Alison Reed and Prudential Asia chief executive Mark Norbom are both set to leave. Reed is leaving Standard Life after only just over a year in her role as part of a series of boardroom changes following its demutualisation. She was a surprise choice for Standard when she was hired and City analysts raised doubts about her suitability for the role as she had spent most of her career at Marks & Spencer. Reed, who joined Standard in June 2005, could collect a payout of up to 900,000 when she leaves the firm. Standard chairman Sir Brian Stewart is expected to step down in the near future and chief executive Sandy Crombie plans to retire in two years which will leave it with a number of key roles to be filled. Norbom surprised investors by quitting Prudential after discussions with group chief executive Mark Tucker. The firm did not give a reason for the resignation but said Norbom and Tucker had come to the agreement that he would leave. Tucker previously held Norbom’s role as Prudential’s head of Asian business. It is believed the two may have disagreed over the company’s direction. Norbom has a 12-month notice period and is expected to get a payoff of close to 1m. Prudential Corporation Asia accounted for almost 39 per cent of the group’s operating profit in the first half of this year.
The 1,000 former Millfield advisers that owe the firm over £5m from advance commission paid will be split into two different classes. Former Millfield advisers that joined Bates Millfield will receive help, with the firm having agreed to pay off advisers’ debts up front and let them pay back on a monthly basis. Advisers that […]
Advising on contracting out has become a real burden
Employers need to pay between 9 and 10 per cent into pensions schemes on top of employee contributions to close Britain’s £27 billion savings gap, says financial services consultant Mercer Oliver Wyman.
A team of IFAs from Yorkshire-based JM Glendinning won the first annual golf tournament hosted by support services provider Threesixty. Six regional teams competed for the title at The Belfry’s Brabazon course last week. The winners of the four-ball (pictured below) consisted of Paul Glendinning, Craig Bradley, Richard Carr and Zurich’s Nick Henshaw. Scottish Widows’ […]
By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]
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Advisers will not be able to give ‘basic advice’ on stakeholder products that fall under Mifid II and the Insurance Distribution Directive, the FCA has confirmed. Basic advice rules, which date back to 2005 and allow the provision of simpler and lower-cost advice to consumers on a range of stakeholder products using pre-scripted questions, previously […]
The director general of the Association of British Insurers has told MPs that a post-Brexit deal is taking too long to form. Giving evidence to parliament’s committee on exiting the EU yesterday, Huw Evans said that “the thinking about what a future relationship would look like with our European partners is not where it needs to be” […]
Adviser attitudes towards alternative investments have changed considerably in recent years, but the market remains divided on how they should be used. What was once seen as a niche market has now become far more prevalent and investors are increasingly looking towards alternative investments as a way of diversifying their portfolios and generating returns in […]