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ScotProv urges independent windfall advice

Scottish Provident is sending letters to former members urging them to seek independent financial advice on how to invest windfall payouts totalling £1.8bn from the life office&#39s demutualisation.

ScotProv, which demutualised last August when it was acquired by Abbey Nat-ional, is contacting around 450,000 policyholders to notify them of their individual windfall payouts, which average £4,400.

The letters, the last of which will be sent next week, recommend that former members should contact an IFA both to see how best to receive the windfall and their options on how to invest it.

As part of the move, ScotProv is setting up a helpline to support those IFAs who are contacted by policyholders or already have them as clients. With almost 500,000 former members set to receive thousand of pounds by the end of the first quarter, ScotProv says IFAs have a good opportunity to help them make sound inv-estment decisions.

A spokeswoman says: “We expect IFAs to have a key role to play in advising our former members on how to maximise the benefits of the payments they are due to receive.

“If policyholders are in any doubt whatsoever about what they should do, we are recommending that they seek independent advice.”

Wentworth Rose managing director Philip Rose says: “It is good to see that ScotProv is supporting the IFA market under the ownership of Abbey National. After such a quiet Isa season, it is a great time to be picking up new clients.”

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