So here we go again. A supposed new broom dropped in to a big, successful, well-respected and established company, feels he has to make his mark and secure his place in history. In this case, it’s by ditching one of the best-known brand names in the business, and flogging its huge, existing book of business to consolidator Phoenix, a dumping-ground for dead and dying insurance companies. He’ll move on to greater glory in a year or two, many advisers will have moved their clients on, and no doubt some jobs in Edinburgh will have moved on. Don’t panic, it hasn’t happened yet. But we’re watching this space very closely.
“Zombie life insurer Phoenix to buy Standard Life Aberdeen insurance arm in £3.2bn deal”
There’s not much to choose between many of the biggest life and pensions companies. Most have some decent funds and have to compete on charges and product features. So service and relationships are often the deciding factor, and Standard Life’s admin and people have...