View more on these topics

Pru to go ahead with Egg flotation

Prudential is pressing ahead with its plans to float internet banking

operation Egg next month despite recent falls in technology stocks.

The Pru admits it had second thoughts about the flotation after continuing

volatility in the tech markets but finally decided to go ahead last week.

However, the decision has cost Pru billions on paper.

The price range is to be set at 130-175p per share, which will value the

company at between £1.1bn and £1.4bn. Before the technology fallout, the

company was estimated to be worth £4bn.

Pru will be offering at least 18 per cent of Egg&#39s share capital to

customers who were members of Egg and Pru banking services before February

22 as well as to employees and institutional investors.

Egg set up its banking service in October 1998 and its fund supermarket in

March this year.

Its supermarket is tailored for direct transactions by consumers but Egg

could follow in the footsteps of Fidelity&#39s fund supermarket and extend the

service to IFAs.

A Pru spokesman says: “We never said we were not going ahead with the

float. That was just pure speculation by the press. We were look- ing very

closely at the conditions of the market and we have decided that this is

definitely the right time for Egg&#39s business.”


RU64 row sparks fears of pension regulatory chaos

The FSA and Government risk throwing the pension market into disarray byissuing contradictory rules for stakeholder.Clerical Medical, Scottish Equitable, Scottish Mutualand Scottish Life areat loggerheads with the regulator over whether it needs to changeRegulatory Update 64 which governs the sale of personal pensions ahead ofstakeholder&#39s introduction.RU64 threw the industry into turmoil in April last year […]

Trees not a crowd for consumers

Last week, the FSA set out its ideas for regulating the selling ofstakeholder pensions. We want to hear what the industry, consumer groupsand others think before we consult on formal rules and guidance later inthe summer.Stakeholder pensions can only be sold if they meet the minimum standardslaid down by the Government. We have taken the […]

Eight-week deadline to handle complaints

Firms will have eight weeks to investigate and answer complaints,according to new draft regulations set out by the FSA.It is one of a range of rules governing complaints hand-ling by banks,building societies, investment houses and insurance companies as well asIFAs.The rules come after a consultation on the proposals last autumn.The FSA says the plans were […]

Pass the portfolio

Over 10 per cent of the population will have significant private wealth by2005. These wealthy individuals are increasingly seeking the advice of IFAsand are also turning to private portfolio management.But relationships between investment management firms and IFAs have oftenbeen marred by a perceived conflict of interest. The two have seen eachother as direct competitors where […]


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