Standard Life is to sell its legacy life business to Phoenix for around £3.2bn. Phoenix will pay a total of £2bn in cash for the business with Standard Life Aberdeen taking a 19.9 per cent shareholding in Phoenix, increasing the total value of the deal to £3.2bn. The deal builds on the fact that Standard Life already manages £48bn on behalf of Phoenix.
On Citywire, Jack Gilbert examines the implications of the deal and what he identifies as the rising threat of Widows, with its plans for a wrap and advice business.
Advisers for their part have been scrutinising which parts of the business are to move from Standard. The group retains its wraps.
Interestingly it takes consultancy Finalytiq to really get to grips with the issue of what business has gone where. Worth a read. The workplace pension business is interesting in terms of what Standard Life may offer.
The lure of SJP is discussed by Money Marketing editor Justin Cash as the firm continues to add advisers – including a further 246 in the year to December 2017.
Consultant Graham Bentley hits out at what he calls the witch hunt on fund management charges adding that transaction charges are hardly being handed to the fund managers in brown envelopes.
The FCA has issued another clarification about advice, adopting the MiFID II definition and what exactly a personal recommendation means. It is warning about general online information which may look like a recommendation.
The Advertising Standards Agency finds against an adviser offering a contractor loan scheme in a case brought by HMRC. The adviser suggests a whitewash and questions the ASA’s understanding of the area.
FTAdviser examines how HMRC will deal with the new rates of Scottish income tax and pensions.
Prudential figures suggest divorce knocks £3,800 off annual pension income.
Clients demand that Intrinsic is shut down after £3 fee error. The FOS disagrees.
IFA Kerry Nelson suggests that advisers need to talk to clients about stock market falls.
The former TISA and IoD pension director Malcolm Small has died.