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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

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