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A medium-sized life office, NPI has found it impossible to shake off rumours that it is about to demutualise at a time when life offices with similar problems, such as Scottish Amicable, are being taken over.

It has been a turbulent few years for NPI.

April 1998: NPI announces a £260m securitisation deal.

February 1998: NPI introduces a performance-related pay scheme linking pay to policyholder value to assert its mutual status.

September 1998: NPI embarks on a major overhaul of its company structure by stripping out a layer of management in a bid to improve IFA service.

June 1998: Alastair Lyons is appointed chief executive. He comes from Abbey National and is charged with boosting NPI&#39s performance and financial strength.

April 1998: NPI is at the centre of intense speculation that it will be the next mutual to be taken over in the wake of the Prudential&#39s £2.8bn acquisition of Scottish Amicable. AMP is thought to have looked at its books but made no offer.

Summer 1998: NPI attempts to boost its free-asset ratio with a £100m subordinated bond issue.

Also: NPI has made attempts to merge with Clerical Medical and Friends Provident but the talks broke down due to rows about management structure.


Decisions are based on &#39false&#39 return figures

On April 17, Standard Life issued a with-profits endowment policy maturity value quotation of £17,200 at 5 per cent a year return and £17,600 at 10 per cent a year return. On October 13, I received maturity papers showing an actual value of £18,984 for the maturity date of November 24. How many policyholders cash […]

PDFM plans new life office with ScotLife admin

Giant fund manager PDFM is to set up a new life company, with Scottish Life providing the back-office support. PDFM Life will initially attack the defined-contribution market, including group personal pensions, group AVCs and annuities. The life company, which is due to launch in the spring, will later look to expand into the IFA market […]

IFA Care launches major LTC push

The IFA lobbying and education group IFA Care is to launch a major long-term care campaign as the Royal Commission on LTC investigates the market. The 80-member organisation is seeking a higher profile, with the aim of becoming a professional body for IFAs specialising in LTC. It intends to offer more education services and step […]

Currie gives 2% discount on UK growth

Martin Currie is offering a 2 per cent discount on the initial charge for the UK growth fund throughout March, dropping the charge to 3.25 per cent. The annual charge is 1.25 per cent. Initial commission is 3 per cent. Renewal is 0.5 per cent if the fund is in a Pep wrapper.

Stop the cold-calling

Royal London is pleased to support the petition calling for a ban on cold-calling for pension and investment products. The petition, launched by IFA Darren Cooke of Red Circle Financial Planning and hosted on the Parliamentary website, calls on the Government to ban cold-calling for pensions and investment products. A similar ban is already in force […]


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