View more on these topics

Pru plans to merge its broker and ScotAm sales teams

Prudential is understood to be seeking PIA app roval to merge its intermediary and Scottish Amicable&#39s sales teams.

ScotAm operates as Prudential&#39s IFA division and has a salesforce of about 115. Pru&#39s intermediary salesforce has about 175 staff.

ScotAm says the need to drive down distribution costs is responsible for the restructuring and it is reviewing many options.

Pru bought Scot Am for £2.9 bn in 1997.

Pru says merging the salesforces will not lead to the disappearance of either the ScotAm or Pru brands as both have a place in the IFA market.

A ScotAm spokesman says: “Effective distrib-ution is the driver for profitable and sustainable business in the IFA market. It is no surprise that we are appraising the way we operate.

“We are in dialogue with the regulator on a wide range of issues, of which distribution happens to be one.”

Pru is known to be the only bidder still in for Equitable and is understood to be keen to secure its bid as soon as possible. Industry estimates suggest it may have to put in as much as £5bn to plug the financial gap and Equit able&#39s business could be broken up.

European insurance group Eureko pulled out of the bidding process for Equitable Life this week.


Will FSA be left holding the baby?

Should the FSA be accountable for purchasing decisions made on the back of decision trees? ML: While decision trees are an excellent concept, they may prove difficult to implement. They could be percei ved as 90 per cent helpful and 10 per cent unhelpful. Providers are likely to want to know how an individual made […]

Display your services in their true colours

In financial services, as with so many things in life, change normally occurs through evolution rather than revolution. Each major change in our industry may feel like revolution but the reality is somewhat different. However, intermediaries have proven through all this change that they can actually increase their market share relative to other channels and […]

Newbury expands mortgage range

Newbury Building Society has added the Newbury five mortgage to its range of products. The mortgage has a 0.2 per cent discount for the first five years of the mortgage, giving it a payable rate of 6.55 per cent for loans up to 95 per cent of value. It is available for first time buyers […]

80% of IFAs see the internet as an opportunity

Nearly eight out of 10 IFAs view the internet as an opportunity, not a threat, according to new research for BT. The survey by Prodata of 50 IFAs, 10 financial service providers and 200 consumers found that 94 per cent of IFAs have had no negative effects from internet-based entrants. Only 2 per cent say […]

Life cover for life

When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that waybecause before the arrival of RDR in 2013, that’s more or less exactly what they were. For advisers thinking […]


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