View more on these topics

Widows and City firms pump £12.5m into Inter-Alliance

IFA group Inter-Alliance is set to get £12.5m-worth of funding from Scottish Widows and a group of City institutions.

Scottish Widows is planning to invest £4.3m in the group, taking a 9.87 per cent stake in the business, pricing the company at £43m.

It is the fourth product provider to invest in the group and follows in the footsteps of Norwich Union, which holds a 6.04 per cent stake, Friends Provident with 3.5 per cent and Skandia with 2.25 per cent.

City institutions placing £8.2m with the IFA include fund managers Gartmore and Merrill Lynch, both of which are existing shareholders.

Inter-Alliance raised £32m from various sources in 2002.

Inter-Alliance says it plans to use the money to fund services for its 1,200 RIs to develop its non-regulated and mortgage businesses and to continue its acquisitions programme.

Scottish Widows intermediary and partnership director Robert Wyllie says: “Inter-Alliance has clearly had a number of challenges to face up to in the last couple of years but we feel very strongly that they should be one of the winners in the future landscape of financial services and we think now is an opportunistic time to invest.”

Inter-Alliance chairman and chief executive Keith Carby says: “Inter-Alliance will break even in 2003 and we are aiming to be in pro-fit by 2004. It is going to be a challenging time but only the financially strong will survive and we will remain fully independent.”


Income crisis is looming as the state steps back

Reform of state pensions must take place as a priority if the UK is to avoid tomorrow&#39s pensioners being worse off than today&#39s pensioners, warns the Pensions Policy Institute.The warning came at the PPI conference in London last week after reports that there is no indication that future pensioners will be any better off despite […]

Firms applying for IFA captive PI role

The FSA has received formal applications from companies looking to become authorised as a captive professional indemnity insurer for IFAs.As revealed in Money Marketing in February, there have been talks between the FSA, Aifa and the ABI about setting up a captive insurer selling PI insurance to IFAs on a commercial basis.Aifa director general Paul […]

FTBs are getting older and wiser with bigger deposits

First-time buyers in the UK are making their first step on to the housing ladder at a later age and putting down relatively bigger deposits than 20 years ago, says mortgage lender Halifax.Its new research, 20 Years of First-time Buyers, reveals that the average age of a first-time buyer is now 33, up from 31 […]


“Yes. The costs of both are too high anyway and for most small IFAs it will be another nail in the coffin.”Geoffrey Hunt, Rickard Hunt & Co“No. I don&#39t do mortgages or general insurance anyway but this will not change my views.”Alan Flint, Alan Flint Insurance & Investment Consultant“No, because most of the mortgages I […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]


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