Widows and Clerical Medical IFA sales down 29%

Katrina Lloyd
clock

Sales of Scottish Widows and Clerical Medical products through IFAs dropped 29% in the first half of 2009, as the two providers operated as a combined business following Lloyds' official takeover of HBOS in January.

The fall in overall sales was primarily driven by a reduction in individual pension volumes which reflected current economic conditions. Demand for life bonds also fell, as consumer confidence in equity-backed products slumped.   Lloyds' combination of the Scottish Widows and Clerical Medical sales forces in the first half of 2009 also had a big impact on sales.  "However this is now complete and the combined business is well positioned for future growth," the group says. There was mixed news in terms of profitability with Scottish Widows profit before tax increasing by £20m, or 7%, to ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read
Advisers: Are you even taking your own advice?

Advisers: Are you even taking your own advice?

Exploring the expenditure consolidation conversation

Nick Ryan
clock 25 March 2026 • 4 min read
CISI welcomes 76 Certified financial planners

CISI welcomes 76 Certified financial planners

Number of UK CFP professionals continues to rise

Sophia Panayi
clock 24 March 2026 • 1 min read