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Pru set to integrate Scottish Amicable

Scottish Amicable&#39s days as a separate company are numbered following a major overhaul of Prudential&#39s business divisions and top-level staff.

As revealed in Money Marketing in August, Pru is being restructured under new boss Mark Wood. ScotAm will no longer be a stand-alone business and will become fully integrated within Pru. Pru bought ScotAm in March 1997 in a £2.8bn deal.

Money Marketing revealed in July the ScotAm brand was under review. Insiders believe ScotAm&#39s Stirling headquarters will become a Pru admin centre, if it is kept open at all.

Following ScotAm&#39s withdrawal of initial commission on regular-premium pensions, sales are now focusing on annuities and bonds which are Pru-branded.

Pru Europe managing director Chris Evans will head Pru&#39s intermediary business, with distribution director for intermediary business Tony Kempster reporting to him.

ScotAm group sales director John Cowan, who was effectively left without a role following Kempster&#39s appointment, will be leaving the company .

ScotAm chief executive Kim Lerche Thomsen is to head a new product development business called PruLab.

Pru Intermediary Business annuities director Andy Briggs will become director of Pru&#39s business-to-business division for big corporate clients.

Pru Life & Pensions director Gary Hitchens will become director of distribution for its direct market. Five other senior managers are leaving.

Pru spokeswoman Clare Staley says: “All businesses are under review and details will be released in November.”


Pink fixed-rate is a cut above

Pink Home Loans has introduced a three-year fixed-rate mortgage that has an extended tie in.The mortgage is available for loans of up to 95 per cent of valuation and is fixed at 4.99 per cent until November 30, 2004. Borrowers are tied in for an extra two years. If they pay the mortgage off before […]

ScotLife to sponsor pay-per-view football broadcasts

Scottish Life has signed an exclusive deal with Sky Premiership Plus to sponsor the digital channel&#39s pay-per-view coverage of Premier League football.From this week, Scot Life will sponsor all 40 live games each season on Sky Premiership Plus until 2004. It will then review the contract.In a move which marks the first time that top-flight […]

Housing market to slow

UK house price rises could slow if last week&#39s attacks on the US knock consumer confidence there, mortgage lenders are warning.Top economists at Halifax and Nationwide say the atrocity in New York could put the brakes on domestic house prices if US consumer confidence falls, despite interest rate cuts by the Federal Reserve.The warning comes […]

How to be a survivor

There have been a number of high-profile cases recently where someone has not got a survivor&#39s pension which they would have got if they had been married to their partner.It is important to stress that the problem exists regardless of the couple&#39s sexes or sexuality. Pension practice has not kept pace with the developments in […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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