Review of 2004: Life offices

The year kicked off with Standard Life taking its first step down the road to demutualisation after a bruising encounter with the FSA over accounting rules.

Aegon brought together five high-profile IFAs into a single business under the Origen brand and insisted the operation will remain independent.

Axa united its three brands into one in September while Clerical was the first life office to pledge its support for IFAs through the continuation of the FSCS levy – at least for a bit longer.

Abbey’s summer flirtation with Santander Central Hispano was consummated in October when shareholders voted for the takeover by the Spanish giant to go ahead.

Prudential went to the market in October to get £1bn for a return to pension business in the UK with multi-ties clearly on its mind while L&G spent the autumn with horns locked with the regulator over whether it should pay endowment compensation – judgment day comes in the new year.


Selestia introduces new charging structure

Selestia is replacing its existing pricing structure, which is effectively a percentage of client’s assets under management, with an explicit annual fee.From 1 April 2005, Selestia will levy a 75 annual fee per client, as opposed to the existing circa 25 basis point levy on their funds under management.At the same time, advisers will be […]

FSA investigates BIA on whole-of-life sales

Berkeley Berry Birch network subsidiary Berkeley Independent Advisers is being investigated by the FSA over the suitability of whole of life and regular savings plan sales. The products were sold between December 1, 2001 and September 27, 2004 and represent a total of 3,150 sales. BIA has since suspended sales of these products pending a […]


Pensions Regulator names chairmanFormer head of Marks & Spencer pensions trustees David Norgrove has been made chairman of the new Pensions Regulator. Norgrove, who has held positions at the Treasury and was Margaret Thatcher’s private secretary, will start his new role in January and his first task will be to select the regulator’s non-executive board.

Review of 2004: Fund supermarkets

Fund supermarkets had another strong year but had to come to terms with the fact that they are maybe not quite as important a distribution channel as some of them might think.


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