View more on these topics

Standard all-clear for 98% on endowments

Standard Life has issued alm-ost 98 per cent of its mortgage endowment customers with green “all-clear” letters amid increasing numbers of life offices admitting shortfalls.

The latest Money Marketing Focus survey reveals what percentage of policyholders have received green and red endowment shortfall letters. Life offices issuing mainly green letters include NPI (99.14 per cent), NFU Mutual (94.7 per cent), CIS (92 per cent) and Britannic (81 per cent).

Those sending high percentages of red letters include Scottish Legal Life (53.8 per cent), Lloyds TSB Life (50 per cent), Scottish Friendly (38 per cent), MGM (26 per cent), NatWest Life (25 per cent), Scottish Provident (18.1 per cent) and Royal & Sun Alliance (16 per cent).

Firms which refused to disclose details of what percentage of letters they have sent out include Abbey Life, Barclays Life, Eagle Star, Halifax Life, Legal & General and Scottish Widows.

Under FSA rules, the letters must be sent to policyholders by June 30.

Recommended

Clerical adds external pension fund links

Clerical Medical is teaming up with three leading fund managers to offer external funds links on its range of group and individual pension plans. The move will provide Clerical&#39s policyholders access to 15 externally managed funds from Aberdeen, Newton and Schroders. The funds will only be available to stakeholder investors through the Employee Benefit Solutions […]

Overwhelming vote for Friends to demutualise

Friends Provident has become the latest mutual to get the go-ahead to demutualise after members voted massively in favour of its flotation proposal. The life office is set to float on the Stock Exchange on July 9. Each member will be given at least 200 shares which could be worth between £470 and £540 on […]

Myners backing the IFAs&#39 battle

Gartmore chairman Paul Myners came out fighting for IFAs and against depolarisation this week following an adviser&#39s protest over his comments about the with-profits market in the Myners report. The adviser&#39s comments, which accused Myners of insinuating that IFAs select with-profits products on the back of commission bias, were put to Myners in a letter […]

CIS marks down FSA for Saltr sign ban

CIS is slamming the FSA for not allowing the ABI Raising Standards quality mark on its comparative league tables. It is calling on the FSA to rethink its decision and allow companies with the quality mark to display the accreditation sign on the tables. The FSA says because the Raising Standards scheme is voluntary, accreditation […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com