SCOTTISH and English football clubs are set to follow the lead given
by Rangers and will launch their own financial service companies.
Rangers Financial Services Limited broke new ground when it was set up
recently as an in-house company linked to Standard Life, the Edinburgh
mutual life assurance company.
The new financial services company is a wholly-owned subsidiary of the
Ibrox club that will sell Standard Life policies to supporters and the
general public as appointed representatives of the insurance company,
Europe's largest mutual office.
Several other Scottish and English clubs have already approached
Standard Life about setting up similar operations.
Adrian Redfearn, national manager of Standard's Appointed
Representative network, said: ''We have been approached by clubs both in
Scotland and England and have had discussions with one or two clubs.''
Any future arrangements will involve the Carnegie Partnership which
helped to form Rangers Financial Services.
Mr Redfearn explained: ''We would like to have Carnegie involved as
they have the knowledge of the football scene.''
Meanwhile, Jim Ford, managing director of Rangers Financial Services,
and the man who dreamed up the idea up predicted that the company, once
it had established itself in Scotland, would spread its wings abroad to
countries such as Canada where there is a large Rangers following.
Mr Ford, a life-long Rangers fan, gave up his own insurance broking
business to head the new Rangers set-up.
He explained: ''I thought of the idea about three years ago and
approached the club, but they were busy with other developments and my
idea had to wait.
Six months ago, the Ibrox club came back to 50-year-old Mr Ford and
work began forming Rangers Financial Services.
On March 31 he closed his own company Campbell Renfield and became
managing director of Rangers Financial Services on April 1. He said:
''We will be offering the full range of financial services. We have
already arranged with a number of building societies mortgage facilities
linked to Standard's life policies and we will also be offering other
forms of insurance such as car and home contents.''
Rangers insisted that any such operation had to be owned and
controlled by the football club as they were unwilling to hand over
details of their vast support to a third party.
Since the company was launched, 50,000 letters have gone out to the
homes of Rangers supporters, but Jim Ford said: ''This is only the
start. We are interested in getting involved in business with
expatriates. I spent five years in Canada and Standard Life is also
involved in Canada.''
Adrian Redfearn of Standard Life said: ''This is certainly a
possibility. We are a big company in Canada. Rangers Financial Services
would have to set up a branch in Canada and we would be selling Canadian
policies.''
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