View more on these topics

Wood cuts out ScotAm and axes 2,100 jobs

Prudential UK chief executive Mark Wood finally axed Scottish Amicable this week, ditching the 175-year-old IFA brand completely and cutting 430 jobs in Stirling.

Money Marketing revealed in July that the ScotAm brand, which has operated as Pru&#39s IFA arm since 1997, was under review by new boss Wood and was soon to go. Wood outlined Pru&#39s new strategy in the City last week with 2,100 job losses across the country.

Pru will focus sales on Isas, group pensions, annuities and bonds. It believes 1 per cent charges will spread to all products and is set to reprice its group pension book.

All ScotAm products will be rebranded Prudential by mid-2002, with Pru plou-ghing £20m into brand advertising. Wood says Pru will no longer be an all-round pro-vider and will stop offering some products.

Pru says IFAs and advice are key to its distribution and it also wants to link up with banks to expand.

Wood says: “We have seen IFAs becoming ever more important and bancassurance is re-emerging. Advice will continue to be critically important. Sixty per cent of what was sold through ScotAm was Pru-bran-ded and this is a rationalising of that. There is greater affin-ity with the Pru brand.”

End for ScotAm, p2


Hundreds lose out as Euro fund collapses

Hundreds of investors in the Jupiter European investment trust have seen their investment reduced to nothing after the fund&#39s default rollover trust collapsed to zero net asset value.The Jupiter European split-cap trust rolled up last November, giving investors the option to redeem their investment or roll over into the new Jupiter European opportunities investment trust […]

Product matters

Twelve months ago, Scottish Provident stood alone in the “menu-based” flexible protection market but over the last year four others have entered.The added competition can only be good news as insurers play catch-up or pass Scottish Provident.The recent enhancements made by Friends Provident echo what is already available elsewhere, with one exception – personal pension […]

Barclays biggest loser of current accounts

Barclays has been the biggest victim of current account losses according to reports in a national newspaper.Independent research carried out by pollster Mori reveals that more people are closing accounts at Barclays than opening them. The bank&#39s net share of the 700,000 people who switched accounts in the year to end June 2001 left it […]

Mike Harrison

Businesses need to tread carefully when implementing mergers and acquisitions. Both sets of management and advisers involved in the recent merger of Berry Birch & Noble and Berkley Financial Services will have spent months devising and honing the strategy that brings the IFAs together. The ultimate aim is the creation of shareholder value – the […]

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]


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