View more on these topics

Skandia rejected Old Mutual bid for lacking industrial logic

Skandia Life’s board offered a vision of a promising future as an independent company as one of its prime reasons for rejecting Old Mutual’s 3.1bn takeover bid this morning.

Although Old Mutual’s offer has been judged as financially fair by independent assessor ABN Amro, Skandia Life says the combination of Old Mutual and Skandia lacks industrial logic. It says the overall synergies are limited and there is limited overlap between the companies.

Skandia also says the 70m in savings anticipated by Old Mutual if its bid were successful can largely be carried out by Skandia on its own.

But these comments are at direct odds to those made recently by Skandia Life UK managing director Nick Poyntz-Wright, who expressed grave reservations that Skandia could achieve the 65m cost cuts laid out in its business plan.


‘Ban banks from protection hard sell’

Paymentcare is calling for a ban on banks selling payment protection insurance to customers when signing a loan agreement because of concerns over misselling. The call comes in support of the recent appeal by Citizens Advice to the Office of Fair Trading to launch a probe into the multi-billion-pound PPI industry. Paymentcare managing director Shane […]

IFA fined 25k for system failures

The FSA has fined IFA CFS Independent 25,000 for serious failures on systems and controls, risk management and compliance. The regulator concluded that CFS had a poor risk management strategy, relied heavily on third parties to comply with regulatory requirements and was not aware of key obligations when a firm is entrusted with client money […]

Shake-up of senior management at TMB as directors leave for Deutsche Bank

Nigel Payne is assuming full responsibility as managing director of The Mortgage Business replacing current md Bill Dudgeon.Current TMB directors Bill Dudgeon, Mark Bergin, David Parry and Paul Graham are leaving the business to join Deutsche Bank at the end of September. Deutsche has been widely tipped to enter mortgage lending business by the end […]

Concern over special sits split

Skandia is in discussions with Morgan Stanley over concerns that clients in a structured product linked to Fidelity special situations could be disadvantaged by the portfolio being split. Morgan Stanley underwrites the capital guarantee on the Skandia protected portfolio, which took in millions of pounds and gives exposure to a basket of funds, including Anthony […]


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