View more on these topics

ScotProv cuts rates as protection war looms

Scottish Provident has cut premiums as it prepares to fight off competition from Scottish Life&#39s new protection business.

The move comes after several key staff left ScotProv to join its new rival.

ScotLife last week confirmed it is launching a standalone protection business, naming an executive team of six people, all former ScotProv employees. They include former ScotProv head of marketing and business development David Robinson and product marketing manager Roger Edwards.

Just days before the announcement, Abbey National issued a formal warning to ScotLife&#39s owners, Royal London, not to poach any more of its staff because of contractual agreements made in the bidding for ScotProv.

Lawyers from both parties are in discussions over the issue. ScotLife, however, is dismissing Abbey&#39s concerns, saying it has recruited staff by fair means using an agency which has chosen the best candidates from many applications.

Recent recruitment advertisements for ScotLife have appeared in the Scottish press carrying the statement: “There are no barriers to applicants from any company or sector.”

Most of ScotProv&#39s rate cuts have come in accelerated critical-illness policies. For example, on a 10-year £150,000 single-life decreasing term policy for a 40-year-old non-smoking male, the monthly rate has fallen to £28.01 from £33.41.

Product manager Claire Williams says: “We have not had a rate cut in this area for some time and felt our position had been getting less competitive. The rate cut is an attempt to get back our competitive position.”

ScotLife head of communications Alasdair Buchanan says: “We are confident we have acted appropriately throughout and will continue to do so.”

Scottish Life appointments, p9; Profile, p39

The Women&#39s IFA Group got off to a strong start last week as 130 female IFAs from all over the country attended its launch at Framlington&#39s offices in the City of London.

Speaking at the launch, Wig chairwoman Fiona Price claimed nearly one in 10 female IFAs was present and announced plans for regional meetings and a dedicated internet site.

Sponsorship means that membership and attendance at events will be free.

Price is pictured (left) with head of Bloomberg European television Bronwyn Curtis, who was a guest speaker at the launch.


ScotLife scoops rival&#39s staff for protection bid

Scottish Life has confirmed it is setting up a stand-alone protection business led by former Scottish Provident head of marketing and business development David Robinson. In a move first reported by Money Marketing, former ScotProv head of product marketing Roger Edwards is also joining the team in a similar role. Edwards was a key figure […]

Polar bears need to cool the climate for a clear view

The continuing bear market must be the biggest risk facing financial services firms but political and regulatory risk comes a close second and this supposedly under a business-friendly Government. To make matters worse, the bull market – fading into folk lore – provided a false comfort zone which has masked some of the problems faced […]

M&G offers roll-over options for Income Investment Trust

M&G is offering its Income Investment Company and Corporate Bond funds as roll-over options for its Income Investment Trust, which winds up on October 11.Shareholders in the £440m trust will also have the option to cash in their investment, or can opt for a mixture of the three options.The fund is one of the UK’s […]

Almeida Capital appoints new chairman

Financial research and information provider Almeida Capital is appointing Mitch Cybulski as chairman. Cybulski was previously chairman of SmithKline Beecham International.Almeida Capital chief executive Richard Sachar says: “We are absolutely delighted that someone of Mitch&#39s calibre and experience has joined our firm.”


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