View more on these topics

Scot Wids’ IFA sales fall 8 per cent

Scottish Widows’ intermediary sales dropped 8 per cent in 2008 to £5.36bn, while business on its bancassuarance side increased 4 per cent to £4.24bn.

The firm, which is part of Lloyds Banking Group, blames a “general contraction of sales” in the IFA market for the decrease.

Life and pensions business dropped 6 per cent last year, to £7.19bn on a PVNBP basis, according to results released today.

Individual pension sales increased 3 per cent to £2.12bn in 2008, boosted by a 75 per cent increase in sales of the firm’s Retirement Account.

Corporate pensions business jumped 16 per cent to £2.48bn. Retirement income sales dropped 10 per cent to £939m in 2008. Protection sales rallied 15 per cent over the year to £317m.

Scottish Widows insists its capital position is strong, announcing a surplus at year-end of £0.8bn, with additional surplus within the long-term fund totalling around £1.5bn. It says this position would be unchanged in the event of a 40 per cent reduction in equity markets.

Recommended

Regulator rethink on misselling costs

The FSA has amended its proposals banning providers from using with-profits inherited estates to pay misselling costs so that it now only applies to future misselling.

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]

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