View more on these topics

Widows back in IFA annuity and protection

Scottish Widows is to re-enter the IFA annuity and protection markets after a review of its intermediary strategy.

Widows has also decided to leave the offshore bond market as it is no longer core to the firm’s investment offering. Clerical Medical International will close to new business from March 30. A Widows spokesman says there will be around 10 job losses at CMI’s Isle of Man base but refuses to say if CMI will be sold off.

It will not confirm which annuity and protection products it plans to launch at this stage.

Lloyds Banking Group director of insurance Toby Strauss says: “The IFA market is a core channel for us and we will be working closely with IFAs to ensure we not only create a new and enhanced product offering but also deliver these in a way that caters for their needs.

“With people living longer and rapid growth in demand for annuities, we feel this is the right time to signal our move into this market.

With a protection gap in excess of £2trn, there is already a substantial customer need for life insurance in the UK.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “I think Widows will reactivate its investment-linked annuities and focus primarily on those products. I would not be surprised if it also looks to bring forward something in the enhanced annuity area.

I think the only sensible thing for Widows to do with CMI is sell it off.”

Worldwide Financial Planning IFA Nick McBreen says: “I expect Widows to launch some sort of flexible annuity product to sweep up the growing market for small pension pots.”



Skandia IT head Tye quits

Skandia head of IT Catherine Tye has left the firm. Tye was IT chief operating officer for Old Mutual Long-term Savings, which includes the asset management, emerging markets and wealth management parts of the business. In August last year, the platform was out of action for a full working day due to a “power outage” […]

January house prices down 1.8% year-on-year, says Halifax

House prices increased by 0.6 per cent between December and January but are still 1.8 per cent lower year-on-year, according to the latest house price index from Halifax. The average UK house price was £160,907 in January, representing a quarterly fall of 0.9 per cent. Halifax housing economist Martin Ellis says: “Notwithstanding monthly fluctuations, the […]

Charcol’s Lawton joins Which?

John Charcol mortgage director Mike Lawton has left to join Which? as managing director of its mortgage advice service. Lawton started working at Which? this month after eight years at John Charcol. John Charcol director of marketing and communications Drew Wotherspoon says the firm will not replace Lawton following the promotion of sales manager Dan […]


Public have double the faith in IFAs than banks

FSA research reveals IFAs’ clients are almost twice as likely to feel very confident about the advice they have received than those who see a bank adviser. It conducted face-to-face interviews with 2,064 adults for its latest consumer awareness survey, published last week. It finds 17 per cent had received professional financial advice about a […]


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