View more on these topics

Pru plan for face-to-face service is scrapped

The Prudential has scrap-ped plans to set up a face-to-face financial planning service for high-net-worth clients and will restrict existing customer contact to call centres and the internet.

Following its decision this year to axe its 1,400-strong direct salesforce, the Pru said it would offer up to 200 sales staff the chance to join the new fee-based advice service.

But it says after a summer pilot of the Ground-breaker service, it has scrapped the proposal. Pru&#39s new UK and Europe chief executive Mark Wood will consider alternatives as part of a wider review.

Policyholders will not have access to face-to-face advice and the salesforce has been told in a letter that their final day of service is August 24. The letter says they are prevented “for a period of 14 months from approaching or dealing with anyone who you dealt with or who you know to be a customer or potential customer”.

The Pru says it has 1,500 staff qualified to offer advice to customers over the phone.

Spokeswoman Tracey Pinon says: “The initial pilot has finished and we have decided not to continue with this initiative in its current form.”


First Nat in bid to end stigma over sub-prime

First National Mortgage Company is rolling out an intensive ad campaign railing against the negative stigma it believes sub-prime borrowers are forced to endure. FNMC, which is Abbey National&#39s specialist lending arm, is starting a two-pronged mailing and advertising campaign targeted at mortgage brokers to show how potential borrowers with impaired credit can be made […]

Dresdner hit again as Lygo is third star to leave

Dresdner RCM UK investment desk suffered a serious blow this week as star mid-cap manager Derek Lygo became its third high-profile departure in a year. Lygo, who manages the UK mid-cap and UK growth funds, is quitting Dresdner for First State Investments, where he will become the new head of UK equities. Dresdner head of […]

GE admits constant contact with regulators over igroup

GE Capital has admitted it is in regular contact with the Office of Fair Trading, the FSA and the Mortgage Code Compliance Board over its sub-prime lending subsidiary igroup. The US giant, which paid almost £200m for igroup – formerly called Ocwen – in May, said this week that it maintains contact with the three […]

Now ScotAm draws back as it scraps commission

IFAs believe Scottish Amic-able has effectively pulled out of the pension market by ditching initial commission on new regular-premium pension business. Pru-owned ScotAm says paying initial commission is no longer sustainable within the narrow margins of the post-stakeholder market and believes its rivals are pinning their hopes for future profitability on stakeholder becoming compulsory. The […]


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