View more on these topics

Will white knight rescue Equitable and the industry?

The horror story may be over for Equitable Life as Halifax emerges as the long sought after white knight.

There are problems with the proposed £1bn deal, notably that one-quarter of the money is contingent on the agreement of policyholders while, more worryingly,a further quarter depends on the future performance of the salesforce.

But a sale must be good news for the industry as Equitable stops lurching from crisis to crisis.

Some IFAs will not now gain business from Equitable clients although there are still strong grounds for a financial healthcheck. But advisers&#39 greatest concern must be where Equitable or the several bits of it, will sit in the Halifax stable with particular regard to Clerical Medical. They must hope that Clerical remains a pure IFA operation.

This seems to be what Halifax plans for the moment at least, under the name Halifax Equitable. It will also remain separate from Halifax Life.

Halifax now has more strings to its distribution bow than most operations. It has Clerical for IFAs on life, pensions and investment, Intelligent Finance for internet banking although this does include advisers, St James&#39s Place Capital for the well off who are determined to go direct and its branch network.

IFAs will still be concerned Halifax did not believe its IFA operation could last the course while a direct operation as damaged as Equitable can. But overall, IFAs and the industry will be glad if the matter is laid to rest. Halifax, for its part, will become even more of a force.


IFAs not in clover as ABI rolls over on polarisation

Equity income was back in favour last month. Bill Mott&#39s Credit Suisse monthly income and Neil Woodford&#39s Perpetual income funds are in the top 10 for the first time in over a year. Mott&#39s fund returned 26.23 per cent for the year to the end of January, while Woodford&#39s returned 25.84 per cent. The investment […]

L&G caps the mortgage market

Legal & General’s Mortgage Club has introduced the 5.35 per cent capped rate mortgage. Aimed at first time homebuyers and people looking to remortgage, the product has a capped rate of 5.35 per cent for loans of up to 95 per cent of valuation for the first two years of the loan. The early redemption […]

Don&#39t rue the data

For many years, pension advisers have had to come to terms with a rising tide of regulation. The Taxes Acts determine the tax benefits and the various Social Security Acts contain the regulations that set out the benefits for early leavers from pension schemes, the revaluation of members&#39 benefits in line with inflation, disclosure of […]

Royal Skandia – Collective Redemption Bond

Friday, 9th February 2001.Type: Unit linked bond.Aim: Growth and income by investing globally in unit trusts, investment trusts and Oeics.Minimum investment: £25,000.Allocation rates: 100 per cent.Charges: Initial 1 per cent, annual 1 per cent in first five years.Commission: Initial 5 per cent.Tel: 02380 726345.


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