Standard Life is to close five IFA support offices across the country as part of a £11m cost-cutting exercise, according to internal documents seen by The Scotsman.
The offices are located in Aberdeen, Ipswich, Norwich, Peterborough and Plymouth, the paper says, with redundancies set to be announced by 31 May.
Other IFA sales offices will remain in place, but with significantly reduced workforces as the company is looking to cut at least 200 jobs the documents suggest.
Some 40 job cuts will hit branches in the City, West End, Leicester, Newcastle and Liverpools, while offices in Maidstone, Sheffield and Telford will stop providing IFA support altogether, instead being turned into “Touchdown Centres”, which are not staffed.
PRESSURE is mounting ahead of further discussions on the Pensions Bill in Parliament next week as backbenchers harden their line on putting in place a compensation deal to those whose pensions have been “stolen”, The Daily Telegraph says.
The paper says an amendment to the Bill has been signed by 129 MPs already, calling on the government to provide compensation to some 60,000 people affected by employers going bankrupts, leaving them without any pension income.
The Telegraph says Tony Blair may announce as soon as today a deal worth about £40m annually, something the Tories and Liberal Democrats are already criticising as inadequate because it would only cover those who joined final salary schemes before 1988, when the law was changed to stop companies forcing employees into schemes.
ROYAL AND Sun Alliance’s announcement yesterday of a deal with the FSA over its solvency position comes as great relief to its long-suffering shareholders says the Financial Times.
The deal removed a £500m capital impact related to closed life funds, the paper writes, which should speed up the sale of further assets helping the firm towards its restructuring targets.
"This FSA deal does not mean that the problems have gone away but it does mean that the solvency issues are containable," the paper quotes James Quin, Lehman Brothers analyst.IFAonline
The majority of financial advisers (85%) believe the number of self-invested personal pension (SIPP) providers will continue to fall in the coming year, according to Dentons Pension Management research.
Short-term noise or something sinister?
Royal ascent in May
Bought platform for £31m in 2016
History won’t be repeating itself