Abbey National closes two Dublin-based life operations

Abbey National has closed its two Dublin-based life operations, Scottish Mutual International (SMI) ...

Abbey National has closed its two Dublin-based life operations, Scottish Mutual International (SMI) and Scottish Provident Ireland (SPI), to new business. The group said the decision, announced on 29 April, reflects extremely poor investment market conditions for all financial providers, with many funds being closed to new business across the industry. Abbey National closed Scottish Mutual's UK with-profits fund in December 2002. Scottish Provident's UK and Irish with-profits fund was closed in August 2001 when Abbey National took over the company. SMI and SPI will continue to serve e...