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Scottish Mutual closes WP door

Scottish Mutual has finally closed the door on all with-profits.

The news follows the company&#39s decision to offer a modern Sandler-style

smooth managed fund, as revealed by Money Marketing in October. Parent

company Abbey National pumped £575m into its life subsidiary last year.

However, ScotMut will still accept increments for existing life and pension

with-profits policyholders and new section 32 contracts will be accepted

until the end of March.

The decision to close the £10.6bn ScotMut with-profits fund comes

after Abbey&#39s distribution deal with Prudential to distribute the Prudence

Bond through its high-street branches. Full details of the smooth managed

fund are not available but ScotMut says it will make it competitive in a

depolarised world.

Marketing director Hugo Thorman says: “Our existing investors are able to

continue to make increments to their policy and the fund will be managed so

that long-term returns remain achievable while for new investors, the

smoothed investment contract will offer the transparency recommended by



Northern Rock launches new fixed rate bonds

Northern Rock is launching three new limited issue fixed rate bonds.The bonds will bear interest rates of 4 per cent for one year, 4.15 per cent for two years and 4.3 per cent for three years.They will be available by postal applications or through Northern Rock branches from January 8 on investments of at least […]

L&G rolls out equity release product to all IFAs

Legal & General is now marketing its equity release mortgage to all IFAs, as the lender sees the product as a growth market for 2003.The product, that had formerly only been marketed to a limited number of IFAs, has a fixed interest rate of 7.3 per cent for the life of the mortgage.L&G director of […]

Barking up the wrong tree

The new year has begun very much like the old one finished, with a raft ofconsultation, discussion and feedback papers from the FSA. Among the sixpublications put out by Canary Wharf between Christmas and the first weekof January is the FSA&#39s discussion paper on its proposals for theregulation of the sales process for Sandler&#39s suite […]

Kylie sought after

2003 sees the inauguration of The Diary&#39s Hold the Front Page Award for themost informative and interesting press release.Insurer Select & Protect takes the trophy with news that its painstakingsurvey of 2,400 agents reveals that Kylie is the person most mortgageadvisers would like to sell a mortgage to.Second place has to go to Scottish Friendly […]


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