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Pru in UK platform push

Prudential is to increase its presence on platforms and develop a range of Isas as part of £100m plans to diversify away from annuities in the wake of the Budget.

The Financial Times reports Pru UK and Europe chief executive Jackie Hunt has briefed investors about the plan, which will see £100m invested in UK initiatives over the next two years.

The £100m investment is expected to fund a “very broad based range of products and propositions”, including an online investment platform, with-profits, income drawdown products and Isas.

Hunt, who was previously chief financial officer at Standard Life, said: “We have almost no way in which customers can interact with us on a digital basis. It’s the way customers want to deal with us; it’s the way advisers want to deal with us.”

She added that Pru, which also owns fund group M&G, is well placed to deal with the changes set out in the Budget, which give those over 55 freedom to access their pension pot.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Bound to be a great success – with it’s call centre and admin in Outer Mongolia no doubt.

  2. They’re coming so late to the platform arena that it’s hard to imagine what they’ll be able to come up with to tempt people away from all the established ones.

  3. Who is providing the platform for them?

  4. good day for golf 18th August 2014 at 10:19 am

    Wonder if they will use the hidden 1% foreign exchange fee the others use?

  5. 15 years behind the curve and even then only entering the market out of panic rather than pro-activity.

  6. I see they have appointed Jeff Randall as a special adviser. Well at least they now have one competent member of staff. I guess that’s a start! My goodness he’ll have his work cut out. Whatever they pay him probably won’t be enough.

    But I guess at least someone in that woebegone organisation had the good sense to get Jeff on board.

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