View more on these topics

Prudential is set for return to CI market

Prudential looks to be taking its first tentative steps towards re-entering the critical-illness market in earnest after the pipeline drama that left it badly scathed last year.

Pru incurred IFA wrath after it raised premiums and withdrew guarantees on new and pipeline critical-illness business last April.

But following an apology to IFAs by UK chief executive Mark Wood last September, Pru is in talks with IFAs with a view to again becoming a force in the market.

Prudential spokesman Darragh Leeson says the firm is reviewing all aspects of its product and service proposition with the aim of “building a stronger presence” in the market this year.

Leeson says that while IFAs were upset with Pru&#39s actions last year, he says if it can come up with a best advice, cost-effective proposition, it will have to be considered as an option.

Head of protection Paul Cowman says Pru will only cons-ider a significant push if it has a product that IFAs want to sell.

He says: “The market is driven by price and service and it is in getting these elements right that our ambition to return to the top quartile lies.”

Lifesearch senior technical manager Kevin Carr says: “If they come back with a strong offering and a competitive price, we would be more than happy to consider it.”

Recommended

Independent view

One of my clients recently did a very silly thing. He tried to set up a pension on his own using an application form from Norwich Union. He had just left the employ of one of my bigger corporate clients and taken up with a new one. The employer was happy to pay into the […]

Abbey sets aside £373m to meet solvency rules

Abbey set aside £373m last year so Scottish Mutual and Scottish Provident can meet the FSA&#39s yet to be published solvency regulations for life companies, with overall losses of £686m compared with £947m in 2002. Abbey says the solvency regime will have a negative affect on its life companies and admits it is possible that […]

Nothing is free

I refer to recent correspondence on who pays for adding a five-year capital guarantee to a with-profits policy. To say policyholders do not pay as the cost comes out of the free assets is typical of the lack of transparency in with-profits. What this explanation fails to point out is the free assets come from […]

Standard slashes direct salesforce jobs

Standard Life is slashing its direct sales arm by more than half, reducing the number of direct sales staff to 270 from 630 with the potential loss of 360 jobs. The number of direct sales branches will fall to 11 from 21. The restructuring will see the existing direct customer division divided into three separate […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com