View more on these topics

Scottish Mutual chief quits in Abbey National restructure

Scottish Mutual chief executive Graham Pottinger is quitting the Abbey National group after a restructuring of its long-term savings and wealth management businesses.

Abbey National is bringing all its intermediary businesses in to one group, ready for depolarisation.

Pottinger will not be directly replaced. Abbey&#39s life division finance director David Wallace will take over running the whole division as director of operations.

The wealth management and long-term savings division was created in March this year and is headed by Mac Millington.

Its management and operational structure has been reshuffled to align functions of the group rather than their separate brands.

Abbey National insists that there are no plans to drop any of the brand names.

Sales and marketing functions for all Abbey&#39s UK intermediary business will be brought together under one team.

Abbey National director (retail e-commerce) Ambrose McGinn will become director of sales and marketing for Scottish Mutual, Scottish Provident, Cater Allen, James Hay and Abbey National intermediary mortgages.

Intermediaries will have a relationship manager for the whole intermediary business but will continue to see product specialists.

A centre of excellence is being set up for the group&#39s fund management to bring together Abbey National Asset Management and Inscape&#39s fund management.

A new international division is being created that will encompasses Abbey National&#39s offshore arms in Italy and France as well as Scottish Mutual&#39s and Scottish Provident&#39s international operations.

No location changes or job losses are planned as a result of the restructuring.

Ambrose McGinn says: “By integrating all the UK sales teams we will be much better placed to meet the needs of the intermediary market and to respond more effectively to the challenges of depolarisation and further regulation.”


Charcol foresees move to longer-term mortgages

A move towards Japanese-style longer mortgage terms could be on its way as affordability becomes a increasing problem in the UK, according to broker Charcol. Charcol is predicting a change in borrowing culture as people try to cope with the trend of house prices rising in excess of earnings. It is warning that if this […]

Come up with something useful, Darling

“So you see, Alistair, it really was a toss-up between ditching you and ditching Steve Byers for ministerial incompetence. Fortunately for you, Steve lost the toss because the consequences of his failures have been more immediate, more serious and more high profile. But I want you to know I am hardly impressed with your achievements […]

Julian Gibbs

The recent rise in price in gold from a low of around $252 an ounce to over $320 at the present time is due to a number of factors. First, most investors have been disappointed by the recent performance of shares and are seeking an alternative investment. Second, political uncertainty throughout the world means there […]

Close unit trust mimics VCT

Close Venture Management, the venture capital trust division of Close Brothers, has established an offshore unit trust that invests mainly in property within the hotel, care home and residential sectors. The healthcare and leisure property trust was designed in conjunction with Close Property investment. It aims to provide income of 7.5 per cent a year […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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 thought leadership.

    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