View more on these topics

ScotAm scraps appointed reps in IFA-only switch

Scottish Amicable is axing its entire appointed representative division of 192 firms and about 400 advisers to focus on the IFA sector.

From October 31, appoin-ted rep partnership agreements will terminate, leaving ScotAm selling its products solely through IFAs.

It says the move follows a review of its intermediary operations and the decision to focus on specific profitable products rather than be a mass-market provider.

It claims the appointed rep channel is best suited to selling a broad range of products and does not fit with its plans which include targeting the over-45 age group with annuities and bonds.

It is also looking at the non-regulated market and is having discussions about how to develop its market share in this sector.

This move follows ScotAm&#39s decision to ditch initial commission on new regular pension business and the appointment by Prudential last month of Tony Kempster as distribution director for its intermediary business, covering ScotAm.

ScotAm is advising appointed reps on options available to them over the next two months and is encouraging them to talk to IFA networks, including Bankhall.

Interlink network, which has about 200 members, says it expects to attract a number of the appointed reps looking to become IFAs and join a smaller network.

Kempster says: “Going forward, we are applying our resources where potential to generate profitable sales and to add value for customers, their advisers and our shareholders is greatest. This will see us working closely with IFAs and developing prod-ucts and the necessary support to increase our already powerful presence in our core markets.”

Bankhall director Tony Murrell says: “We are delighted to be able to help as it is a tremendous endorsement of our position and the role of IFAs in the marketplace.”


Halifax facing big bill after watchdog backs borrower

Halifax could face a compensation bill running into millions of pounds after the Financial Ombudsman Service ruled it mistreated borrowers by only allowing new customers access to its lowest interest rate. In a ruling which could open the floodgates to similar claims from more than 500,000 customers, an FOS adjudicator awarded compensation to an existing […]

Out side edge

Can encouraging the open market option achieve the FSA&#39s objective? Yes but not as expected. The recent decision by the FSA and the ABI to encourage the Omo in the annuity market is a welcome move. Much of the recent debate surrounding annuities has focused on the options for investment choice relevant for those with […]

Black&#39s insult to advisers Equitable inquiry needs to be open and prompt

The good news is there is finally going to be an independent inquiry into the Equitable Life debacle conducted by a non-Equitable policyholder. The bad news is we are unlikely to find out the result for at least a year. That is if we get the results at all. Worryingly, announcing the inquiry, to be […]

UCB Home Loans – Buy2Let 2 Year Fixed

Thursday, 6 September 2001.Fixed term: Two years.Fixed rate: 6.49 per cent.Minimum loan: £25,001.Maximum loan: Up to 80 per cent of valuation subject to a maximum of £400,000.Income multiples: 3.25 times principal income plus second plus 6.5 times annual rental income or 2.75 times joint plus 6.5 times annual rental income.Arrangement fee: £495.Redemption fee: Six months&#39 […]

Guide front cover - thumbnail

Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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