View more on these topics

Pru axes 1,500 staff

Prudential is axing 1,500 jobs in preparation for stakeholder pensions, according to the Financial Times.


Scottish Amicable, the IFA arm of the Pru, is to shed 200 jobs.


The Pru will cut nearly a quarter of its direct sales force, shutting all 103 support branches. ScotAm cuts will also be made through its salesforce.


Prudential chief executive of UK operations John Elbourne says the latest round of restructuring is expected to lead to a one-off cost of £90m but will bring savings of £60m a year to the group.


The group says the reduction in sales staff should not affect the proportion of policies sold through IFAs.


Recommended

Ssas may fall foul of law

Mazars Neville Russell has highlighted a loophole which could lead to executive pension scheme trustees unwittingly falling foul of the law.The consultancy points out there is an opt-out clause which exempts some small-self administered schemes from appointing auditors and producing audited financial statements within a set time.But the Occupational Pensions Regulatory Authority says the exemption […]

Royal & Sun share price rallies after profits fall

Royal & Sun Alliance has managed to talk up its share price even though profits have plunged over the past nine months.It reported a nine month profit fall to the end of September of 6.1 per cent compared to the same time last year but its share price still rose 5p – 1.2 per cent […]

CGU takes control of Hibernian

CGU has taken control of Irish insurance company Hibernian Group. The life office already had a 28 per cent stake in the firm but has now raised this to 53 per cent. CGU values Hibernian at £336m. CGU says the deal: “should enhance significantly the position of the combined group in the life and savings […]

Skipton Guernsey – High Interest Account (inserted 4/11/99)

Fixed Rate BondType: Bond offering fixed interest payments over a choice of terms.Minimum-maximum investment: £10,000-£2m.Interest rates: 6% gross for 1 year term, 6.75% for 3 year term.Term: 1 or 3 years.Offer period: Until further notice.Withdrawal penalties: Withdrawals not permitted.Tel: 01481 727374.

WSB Awards announces Johnson Fleming as 2016 finalists

Johnson Fleming has been announced as a finalist in two categories at the Workplace Savings and Benefits Awards: Employee Benefit Consultant of the Year and Financial Education Provider of the Year. The awards recognise the best providers, based on their ability to help employers and their employees in their provision of employee benefits and workplace pensions. Caroline Hope, marketing manager for […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment