Scottish Life has become the latest life company to rule out a price war and has taken a swipe at rivals writing unprofitable business for market share.The firm’s life and pension business rose by 8 per cent for the half-year to June to 695m from 645m in the same period last year. Group finance director at parent group Royal London Stephen Shone says: “In the pension market, Scottish Life has continued to very deliberately target profitable new business. We have taken a firm decision that we will not destroy capital by writing business which can only ever be profitable on paper and then only if unrealistic assumptions are made about future persistency.” He says IFAs are increas- ingly using its adviser fee payment model to help build a sustainable business model without the need to rebroke pension plans regularly around the market. Scottish Widows chief executive Archie Kane said Widows will not get dragged into a “destructive” price war when the group issued its interim results this week. Royal London’s asset management new business flows rose by 46 per cent to 456m from 312m and Bright Grey’s new business rose by 18 per cent from 67m to 79m.
Fidelity is to start paying renewal commission both on lump-sum investments and regular savings business into its Luxemburg-domiciled funds for the first time from this week. From August 7, Fidelity will pay advisers 0.5 per cent trail commission on 27 of its Sicav funds, including its China focus and India focus funds, as well 16 […]
Towry Law head of pensions Simon Farrant has joined Distribution Technology Limited as head of financial planning. Media commentator Farrant will work on the development of a range of retirement planning services for DTL’s clients.
Technology funds have been something of a backwater for retail investors since the TMT crash that lost investors so much money.
The Tenet Group is submitting its protection arm Premier and compliance support subsidiary Tenet Support Services for FSA regulation. The company says that although this is not a requirement for these parts of its business, it wants the additional stamp of credibility and authority that it believes regulation will bring. Tenet Group chief executive Simon […]
We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
As someone training to be a cricket umpire, fair play matters to Fortitude Financial Planning director Chris Bowmer. Doing the right thing for clients is something he has adhered to from the start of his career, even in a 1980s sales environment with nothing to gain by delving beyond a client’s surface requirements. While he acknowledges […]
Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]