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Scottish Widows eyes sale of offshore investment business

Scottish Widows is considering the sale of offshore investment and tax planning business Clerical Medical International, the Financial Times reports.

The Isle of Man-based business, acquired by Lloyds Banking Group as part of the HBOS deal in 2008, currently manages around £5bn in policyholder funds.

According to the report, CMI has an embedded value of around £200m and has already received several expressions of interest from potential buyers. Lloyds is understood to have appointed Fenchurch Advisory Partners to handle the sale.

Scottish Widows was unavailable for comment.


Spotlight on regulation: More clarification needed

Final guidance on the FCA’s Retail investment advice: Clarifying the boundaries and exploring the barriers to market development consultation paper is expected to be published soon. Despite efforts to clarify where the boundaries lie between different types of advice, uncertainty remains. Firms want to see more examples accompanied with a rationale as to where a […]


One in 10 firms will not tell members about Budget changes

More than one in 10 employers say they will not be telling staff about the radical pensions changes coming into force from April next year, JLT research finds. While 55 per cent of the 250 medium-to-large sized companies who completed the survey said they either had already or planned to tell members about the impact […]


Financial Planning Week and beyond: The new wave of adviser innovation

Advisers are reaching out to new and existing clients through a wave of innovative marketing efforts to raise the profile of the profession. As part of Financial Planning Week, which kicked off on Sunday, advisers around the country are offering free surgeries, producing videos and podcasts, and engaging with local and national media. And outside […]

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Mega Merger: What does the £5.6bn Aviva/Friends Life deal mean for advisers?

The proposed £5.6bn mega-merger of Aviva and Friends Life will result in thousands of job losses and rock the foundations of the UK pensions, protection and investment industries, experts are predicting. Last week, the Aviva and Friends Life boards revealed detailed discussions on the biggest pension deal in years. The Friends Life board has indicated […]


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