Scottish Widows, part of the Lloyds Banking Group, has announced that it is to withdraw from the offshore bond market, closing Clerical Medical International (CMI) as part of the process. This is part of a new strategy to focus on their core UK based business.
CMI will close for new business with effect from 31st March 2012, but has stated that it remains committed to supporting existing customers. In practice however, we tend to see a trailing off of both service standards and performance, so anyone with an existing Clerical Medical International bond may wish to arrange a review