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Pru bids to be leader For intermediaries

Prudential believes it can become the number one intermediary life

office as rivals face a day of reckoning because they are not writing

profitable business.

Director UK intermediaries Tony Kempster, speaking at the company&#39s

sales conference this month, said he believed the strategies adopted

by some of Pru&#39s plc and mutual rivals were not sustainable in the

long term.

He believes rivals have taken a hit on their margins and are seeking

to generate high volumes of business at the expense of profit. He

also warned that the remaining traditional direct-sales operations

would find it difficult to do business and might have to “sell up or

give up the ghost”.

Pru&#39s recently appointed UK chief executive Mark Wood has made much

of its decision to concentrate on profitable business and not cover

all areas of the market in a bid to drive up the group&#39s share price.

The company is also considering expanding its investment products on

offer bey- ond the top-selling Pru-bond range into more exposed

inv-estment products.

As with other providers, Pru is thought to be concerned about the

impact that Sandler review could have on with-profits bonds business.

The conference in Barcelona was the first since Pru&#39s reorganisation

which brought together the Prudential and Scottish Amicable product

lines and was intended to kickstart the new strategy among the broker

consultant and sales team.

Kempster said: “Some providers have deliberately dropped margins to

get market share. I am absolutely sure there will be a day of



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Small IFAs still lagging behind says FSA

The FSA says there are still small IFA firms who remain unwilling to take responsibility for pensions misselling they may have been involved in as its review winds to a close.Despite this, the regulator says it is on track to successfully complete the review by its target date of June 30, 2002. Figures from the […]

Pink Home Loans adds new lenders to panel

Pink Home Loans has added Northern Rock, Scottish Widows Bank and UCB Home Loans, to its direct lender panel for mortgage brokers. It says the addition of these lenders widens the choice of mortgage products it distributes, including Northern Rock&#39s equity release products, Scottish Widows&#39 flexible mortgage and UCB Home Loan&#39s self-certification range. Managing director […]

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