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Prudential plans compensation for poor service

Prudential is planning a system where it could make payments to advisers if service standards are not met.

As part of a major service overhaul, the company says firms could receive compensation for poor service in the same way that pizza delivery operations give free pizzas where deliveries are late.

As part of its preparation for depolarisation, Prudential is doubling the size of its IFA salesforce, is recruiting 30 per cent more front-office customer service staff and is expanding its range of products.

Distribution director Andy Briggs says the extra resources will be targeted at the multi-tied and independent channels but he believes that multi-tie operations will grow as firms see the benefits that the process can bring in terms of efficiency.

He says: “We have made a big commitment to the depolarised marketplace, both to IFAs and to multi-ties. We believe that the multi-tie market will take shape and have looked carefully at the opportunities there and asked IFAs what business model they would like to see. We had to establish how we construct our proposition around this.”


All party group mutual inquiry

The Parliamentary All-Party Group for Building Societies and Financial Mutuals is conducting an Inquiry into the extent to which mutual business contribute to the economy and society.

Infinity Mortgages chief executive says lenders have no excuses

Infinity Mortgages chief executive Matt Gilmour says lenders have no excuses not to be ready for mortgage regulation on Monday November 1. Gilmour says those lenders who have not tested their systems for an extended period before M-Day may face up to two weeks&#39 worth of chaos. Infinity Mortgages has been ready with its KFIs […]

Financial services to be more hostile to fraudsters – FSA

The regulator intends to make the financial services sector a more hostile environment for fraudsters according to FSA financial crime sector leader Philip Robinson. The FSA is launching a fighting fraud in partnership initiative pledging to look more closely at how firms address and manage their fraud risks. It will crack down on criminals posing […]

First State looks East

First State will offer UK investors access to three Irish variable-capital company funds through a new sterling share class in its global umbrella fund. Changes in the definition of offshore funds, introduced by the Finance Act in July, allow individual sub-funds of umbrella funds and share classes to be granted UK distributor status in their […]


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