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Scots firm moves into traded endowments

A new traded endowment policy player is entering the Scottish market claiming to offer with-profits pol-icyholders an average of £2,000 more than the surrender value of their policy.

The new service, First Scottish, will be targeting IFAs. It is being set up by Edinburgh-based First Scottish Searching Services and will be headed by FSSS managing director John Yorkston. In the past, the firm has mainly done financial work for clients of Scottish solicitors.

The company estimates that 100 people a month in Scotland surrender their policies. At an average of £10,000 a policy, this means £1m a month is being surrendered prematurely.

First Scottish claims to be the only player in the Tep market of Scots origin. It will have around 80 staff dealing exclusively over the telephone.

Yorkston says: “With the recent publicity over endowment policies not meeting the cost of mortgages, a large number of people have decided to dispose of their policies. While many policies are being surrendered, we would hope to provide larger sums, sometimes as much as 35 per cent more than the surrender value.”


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