Standard Life has reacted angrily to press reports this morning claiming the provider is cutting its IFA support staff by a third as "disingenuous and inaccurate".
Peter Timberlake, a spokesman for the provider, says reports this morning suggesting Standard Life is to cut 53 IFA support staff do not reflect what the provider is actually doing.
He says Standard Life is in fact creating 39 new jobs within a central IFA quotation office in Edinburgh and cutting back on 53 branch staff that currently provide the same service.
In an effort to calm fears the provider is backing away from the intermediary market, Timberlake told IFAonline the provider’s decision to centralise its quotation functions has more to do with the way in which IFAs now obtain quotes.
“The real reason we are reviewing IFA functions is based on the fact the way IFA quotes are gathered is changing,” he says.
“Many IFAs now self service quotes and use portals like the Exchange so we know we have demand for a centralised quote function but not one at branch level.”
Timberlake also states Standard Life will be making every effort to redeploy branch staff but admits there will inevitably be some redundancies, although nowhere near a third of its IFA support staff. The provider currently employs 177 front line IFA regional support staff as well as additional back office staff at its headquarters in Edinburg.
He adds the central quotation office is intended to boost the sales presence the provider already has in Edinburgh and those job losses which do occur will take place gradually.
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