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Rock set to white-label Pru equity-release plan

Prudential is believed to be close to a deal with Northern Rock which

will see the Pru white-labelling the bank&#39s equity-release product

and selling it as its own.

As reported in last week&#39s Money Marketing, the Pru is believed to be

launching into the equity-release market poss-ibly by the end of this


Rather than designing its own product, the Pru is thought to be

opting to use Northern Rock, a respected player in the equity-release

market. IFAs have questioned the Pru&#39s motivation, wondering why it

has not designed its own product rather than import from another


As also revealed in Money Marketing last week, Pru and Northern Rock

are preparing to launch a combination investment product linking its

with-profits bond and deposit account.

An unnamed IFA says: “They really are being cautious going down the

white-labelling route rather than designing their own product. How do

they think they are going to sell it with the Pru brand name more so

than with the Northern Rock brand name? I can see why Northern Rock

would be interested but I do not understand the Pru.”

Northern Rock would not comment. Prudential says it does not comment

on market speculation or rumour.


Firms lose authorisation for flouting watchdog

The FSA has removed the authorisation of two IFA firms, saying theyhave flouted the Financial Ombudsman by not paying awards madeagainst them.Tudor House Financial Services, of 34 Chester Street, Wrexham, failedto comply with five ombudsman awards and failed to cooperate at allin dealing with another ombudsman investigation into a complaint madeagainst it by a client.Action […]

A consumer&#39s view

The recent landmark decision by the FSA on differential pay rises hasimportant implications for all employers and their pension advisers.The FSA has recently taken the brave step of awarding lower pay risesto staff who are members of its final-salary pension scheme in anattempt to head off total closure of the scheme.Within the FSA, only 900 […]

NAPF call for greater OPP lock-in powers

The National Association of Pension Funds has come under fire fromIFAs and providers for calling for grea-ter power to lockoccupational pension members into their scheme.The NAPF has asked the Department for Work and Pensions to giveschemes the right to refuse cash-equivalent transfer values eventhough proposed new rules allow trustees to reduce valuations toreflect scheme underfunding.Advisers […]

Out of context

•”I don&#39t usually wear woman&#39s clothing except that once and Iactually enjoyed it.” – Lansons PR Jason Lloyd after being called across dresser by Ian Hislop at Headline Money awards ceremony.•”It&#39s a seedy name for a seedy company.” – Unnamed Misysemployee about the firm&#39s new name, Sesame.•”I&#39ve just received my virgin voucher by special delivery.” […]


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