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Scot Wids reports 53 per cent drop in IFA investment and saving sales

Scottish Widows has reported a 53 per cent drop in IFA sales of savings and investment products driven partly by the changes to Capital Gains Tax announced in April.

Widows says the market-wide drop in investment bond sales led to the reduction in its IFA sales reported in its half-year results today.

Widows revealed that its overall IFA sales have dropped 5 per cent over the past six months to the end of June.

By contrast bancassurance sales have increased 8 per cent and Scottish Widows pre-tax profits have increased 15 per cent year-on-year to £298m.

Sales of individual pensions were up 12 per cent and sales of corporate pensions were up 32 per cent through IFAs.

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