View more on these topics

Scottish Friendly acquires Marine & General Mutual

Scottish Friendly is to acquire Marine & General Mutual in a deal that will double the mutual’s assets to around £2bn for an undisclosed sum.

The transaction is expected to complete in the second quarter of this year, subject to approval from members, regulators and the High Court.

Marine & General Mutual was rebranded MGM Advantage in 2008 before private equity firm TDR Capital purchased the annuity business in 2013, creating a new life company.

However, the mutual society was not part of the deal and subsequently closed to new business and reverted to its original name. It is this part of the business that Scottish Friendly has acquired.

Scottish Friendly chief executive Fiona McBain says: “This announcement is a tangible outcome of our strategy to diversify and grow the Scottish Friendly group. The overall efficiency of Scottish Friendly’s business has resulted in our ability to competitively tender to take over existing financial services companies and run them more effectively and more efficiently.

“We are particularly proud of having secured the opportunity to double in size. The takeover of M&GM will give us additional economies of scale that can drive further efficiencies and increased value to all of our policyholders, including those transferring from M&GM.”

M&GM chief executive David Gullard says: “As we explained to our policyholders and members in our Strategic Report for 2013, we have been seeking to secure the long-term future of our customers through a transfer to another organisation. This involved a thorough process considering a number of potential operations and we were delighted to select Scottish Friendly.”



Age Partnership offers pension cash access for 1.25%

Equity release broker Age Partnership is to offer members of pension schemes access to their cash for a flat fee of 1.25 per cent. As part of the Government’s pension reforms people aged 55 and over will be able to take their entire private pension pot as cash. However, pension schemes and providers do not […]


Billy Burrows: Time to put advisers on front line for pension freedoms

What are we to make of the recent announcement by the FCA that insurance companies will be required to provide a ‘second line of defence’, or ‘additional protection’ as it will be officially called, when customers want to access their pension funds? One the one hand, it is vitally important that customers are made aware […]

Last line

Last line of defence: Pension guidance concerns remain despite FCA U-turn

The FCA has made a dramatic last-ditch attempt to protect savers ahead of April by introducing a “second line of defence” to support the Budget freedoms. But concerns remain about the short timeframe given to the industry to meet the new standards and the regulator’s refusal to address the “commission bias” favouring non-advised sales. Pressure […]

FCA logo glass 3 620x430

Banks pay out £1.8bn in interest rate swap redress

The total amount paid out in redress for interest rate swap misselling by major banks has reached £1.8bn. The latest figures published by the FCA show that as at the end of December, £1.8bn has been paid out and 11,000 customers have accepted a redress offer. This compares to £1.5bn paid in redress to 10,000 […]


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