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ScotLife produces a strength guide in bid to reassure IFAs

Royal London chief executive Mike Yardley is writing to IFAs to say he has no reason to believe any of the problems identified in Standard Life will affect Royal London or its subsidiary Scottish Life.

ScotLife is publishing a guide to financial strength for plcs and mutuals, which is available through its sales consultants. It examines the new format of realistic financial reporting and covers free-asset ratios, waivers, imp- licit items and financial engineering for mutuals and plcs.

Royal London says it welcomes the new realistic financial reporting approach which is creating a level playing field for measuring financial strength.

Yardley says: “There has been much commentary in recent weeks on the financial strength of the UK life and pension industry, particularly centred on the health of mutual insurance companies.

“Royal London has had routine discussions with the FSA over the past few months in connection with the development of our own realistic balance sheet. On the basis of the work already carried out, there is no reason to believe that any of the problems identified in respect of Standard Life will have an impact on Royal London.”

Informed Choice managing director Nick Bamford says: “It is the job of chief executives to send out these messages of reassurance but I am not reassured by this in any way.”


BBB winds up national shell and leaves liabilities with compensation scheme

Berkeley Berry Birch is winding up the shell of its national IFA firm and dumping its liabilities on to the Financial Services Compensation Scheme in a corporate reorganisation. The move has provoked uproar among the IFA community who say BBB is offloading liabilities which will have to be picked up by other IFAs through the […]

Refusal to pay indemnity shows little faith in IFAs

Following recent property acquisitions, I elected to increase my life cover by £250,000 for the next 10 years and applied to Scottish Equitable, who appeared to offer the cheapest premium according to comparisons sourced from The Exchange. My application was submitted online. However, a few days later I was contacted by Scottish Equitable, who told […]

Millfield two leave for Lifetime

Millfield non-executive directors Derek Noone and Jeremy Bradburne are standing down to focus on the business plan for Lifetime, the wrap technology business in which the national IFA holds a 41 per cent stake. Norwich Union holds a 49.5 per cent in Lifetime. Millfield chief executive Paul Tebbutt says: “I look forward to Derek and […]

Menu makes IFAs much cheaper than direct sales

IFAs are revealed to be up to four times cheaper than services offered by their direct-selling rivals in the FSA&#39s menu proposals. Despite a fierce rearguard action fought by the banks and other direct operations, the FSA has decided to apply the menu to them as well as IFAs rather than opting for the proposal […]


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