Scottish Widows will begin selling annuities via IFAs in a new distribution strategy as it closes Clerical Medical International to new business.
The move is part of a review of the business which also includes researching an entry strategy for the IFA protection market. Scottish Widows is one of the country's largest providers of protection products, but it sells them exclusively through its parent company, Lloyds Banking Group. As part of the review, the company has decided to withdraw from the offshore bond market by closing Clerical Medical International (CMI) to new business from 30th March 2012. A spokesperson for Widows said it would be maintaining its presence in the Isle of Man, where CMI is based, and added it is c...
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