Scottish Widows has pulled its protection quotations from industry portals, prompting concerns it too has effectively exited the protection market following Standard Life's departure earlier today.
Richard Jones, the firm’s protection market director, says “market conditions and our current protection focus” meant the move made “economic sense”. The firm, which says the move may not necessarily be permanent, will now focus its distribution through Lloyds TSB bank. Earlier, Standard Life announced it is withdrawing from the UK protection arena, saying a “fiercely competitive” pricing market and other factors had rendered its proposition non-profit making. Previously, Scottish Widows provided the electronic quotations through six industry portals, including The Exchange, Assureweb...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
