Lincoln is looking to pull out of the UK life, pensions and investment market and has moved its 1,30...
Lincoln is looking to pull out of the UK life, pensions and investment market and has moved its 1,300 strong tied-agent sales force to IFA Inter-Alliance.
Lincoln UK will be closed to business within the next 30 days. The group is holding on to its client base for now and existing policies after an unnamed third party pulled out of talks to take it over.
Inter-Alliance is one of the UK's largest IFA base with 850 practitioners and is looking to double in size over the coming year.
It offers an online brokerage, share dealing and mortgages as well as more typical web-based IFA services.
Lincoln's City Financial Partners Limited salesforce, which worked on a commission-only basis for the group, will now receive a salary. Allied Dunbar, which had been mentioned as Lincoln's most likely suitor, lost out because Lincoln felt its staff would be better off joining an independent organisation.
Restructuring charges are expected to cost Lincoln $64-$83m related to the transfer of the sales force. The AIM-listed Inter Alliance has a market cap of around £200m and has seen its share price quadruple over the last 12 months.
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