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Widows Intl shuts its doors to new business

Scottish Widows International has announced it is closing to new business and will not be accepting incremental investments.

The move will result in up to 20 redundancies at its Jersey base when the doors formally shut at the end of this month.

In a letter to IFAs, Widows accepted it was not a major player in the offshore market and said it was better to focus on its core UK pensions, investment and protection business.

Earlier this month, international business development manager Mike Smith resigned. The company failed to announce a replacement and said managing director Ian Kennedy would take over his duties. The company was set up in 1997 and currently has over £250m under management.

Scottish Widows managing director (marketing & distribution) Nathan Moss says: “We would like to reassure customers that their existing investments will be unaffected by this change and we remain committed to maintaining our current levels of service.”

Premier Independent Advisers director John Ellis says: “It is sad that bigger companies are getting out of certain markets. It limits the amount of companies we can go to.”

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