Teps market makers Policy Portfolio and Beale Dobie are pulling out of the traded-endowment market with the loss of 30 jobs.
A joint statement by the two firms - which are owned by Investec - reveals having reviewed future market potential, both companies will cease purchase of Teps.
"In time, both Policy Portfolio and Beale Dobie will withdraw from the market and will no longer trade as TEP market makers," says the statement."The two companies will continue to sell policies to their current clients, and both companies will continue to administer TEP funds."
According to a spokeswoman for the firms, Investec has decided it no longer sees the two operations - particularly given the current negative consumer view of with-profits and endowment policies - as part of its core strategy and has therefore decided to pull out of the market.
At least 30 jobs will go however 14 staff will be retained to administer existing policies.IFAonline
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