View more on these topics

Profits leap for Friends

Friends Provident saw profits soar by almost half in the first six months of this year.

Life and pension business rose by 15 per cent from 176m to 202m on an APE basis. This compares with average market growth of around 5 per cent, after stripping out a single one-off deal between Prudential and Resolution Life which lifted that figure to 8 per cent.

Overall, group profits rose 46 per cent to 233m compared with 160m in the same period last year. Friends share of the life and pension market grew from 4.3 per cent to 4.5 per cent.

Fund management arm F&C saw assets rise by 3.3bn despite 1.6bn of outflows,. The loss of the Resolution Life fund management contract means that a further 22bn of assets will be redeemed, although the group could say when that will take place.

Friends Provident chief executive of life and pensions Ben Gunn says he expects market growth in the life and pension sector to be around 5 per cent for this year and is confident that the company can grow its individual pension business which accounted for just 6 per cent of new business compared with 55 per cent in group pensions.

He says: “There are lots of opportunities for advised products around A-Day but it depends what happens with RU64. The inevitable effect of multi-ties will be to depress margins but increa-sed volumes will offset this.”


FSA appoints head of hedge fund unit

The FSA has appointed Andrew Shrimpton as the head of its new unit set up to supervise 25 hedge funds that have a high impact in financial markets. Shrimpton, who is currently manager of the FSA’s asset management sector, will lead a team of six and will start work at the end of October. The […]

Basel Two ‘may see move to credit-scoring’

The advent of Basel Two may mean significant changes to mortgage products and client credit checks, says John Charcol senior technical manager Ray Boulger. With implementation only 18 months away, lenders are preparing systems to incorporate the stringent risk management measures required by the international regime. Boulger believes lenders will have to adopt credit-scoring across […]

FSA bans IFA on bond misselling

The FSA has banned a former director of a St Albans IFA for a catalogue of rule violations including precipice bond misselling. Idris Nagaty, formerly a director of liquidated firm Young Ridgway Associates, breached a number of the FSA’s Statements of Principle for approved persons. The FSA judged that Mr Nagaty failed to ensure that […]

Retention fee deal from Woolwich

Woolwich is offering a retention procuration fee for brokers along with a range of products for the intermed- iary market. Intermediaries will be paid a procuration fee if they feel the best advice they can give is for clients to stay with their current lender. A pilot scheme has been running since November 1, 2004, […]

Boosting our annuity strategies

Targeting annuity purchase in lifestyle strategies isn’t anything new but we’ve just lifted the bonnet and injected an enhancement shot into the end-point of these solutions. The recent volatility has shot short-term volatility into equity markets and painted a very turbulent backdrop but we’re also equally faced with a stressed fixed interest environment. This can […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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