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Skipton cuts tie with NU and doubles its IFAs

Skipton Building Society is severing its tie with Norwich Union and changing the status of 40 of its 105 authorised representatives currently working in its branches to IFAs.

The move doubles the number of RIs in its IFA division, Skipton Financial Services, to 80.

As part of a shake-up of its entire distribution strategy, the remaining 65 appointed reps are being offered positions selling mortgages and other non-regulated products or as branch managers. Some are expected to join the new non-regulated 80-strong salesforce or the specialist mortgage sales arm which is being increased from eight to 30 advisers.

Skipton says the changes are intended to cut costs and increase productivity as it copes with changes in the market, including increased regulation, by creating a more specialised sales and management structure.

It says the changes are not in direct response to the FSA&#39s proposals to end polarisation but claims that it is now in a good position to adapt to a different regulatory environment.

Sales and marketing director Alan Scotter says: “CP121 is not the reason this plan was worked out but Skipton Financial Services will adapt to suit the outcome as all options are open to us.”

Norwich Union spokes-man James Evans says: “We are disappointed to no longer be a tied partner but are looking to develop a relationship with their IFA salesforce as we are a leading supplier to the sector.”


Aberdeen in call for risk rating standard on splits

Aberdeen Asset Management is calling on the investment trust industry to develop a new standardised risk-rating system for split-capital trusts.The proposals, outlined in Aberdeen&#39s response to the FSA&#39s split-cap consultation paper, argue that an “industry-standard rating system of share-classes” would help ens-ure that advisers and direct investors understand the full risks involved with split-caps.Aberdeen suggests […]

Britannia International chips the blue

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John Tiner

Lives: Married with three children in Dorking, Surrey,Born: February 25, 1957Age: 45 this weekSchool: St Peter&#39s, Guildford.Career to date: Accountancy school in 1976; Andersen since 1979, made head of UK financial services practice in 1993, then head of global financial services industry from 1997.1995 asked by Bank of England to investigate Leeson affair. Appointed FSA […]

Ilag forms committee to look at FSA rulings

Ilag has formed a distribution committee bringing together experts from the industry to look at issues surrounding the FSA&#39s proposed changes to polarisation.It says the committee will focus a lot of its efforts on the consequences of CP121.The group will include representatives from all distribution channels, including IFAs, high-street prov-iders and direct distributors.So far, there […]

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Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


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