Standard Life has just confirmed it is cutting up to 360 jobs from its direct sales force and will cut the number of sales centres to 11 from 21.
The Direct Customer Division is to be split into three separate business units: Telesales, Corporate Account Management and Direct Client Management.
The units will collectively be known as Standard Life Direct.
The branches being closed are located in Belfast, Chester, Colchester, Dundee, Leicester, London (West End), Maidstone, Newcastle, Sheffield and Southampton.
Nathan Parnaby, managing director sales, says the job cuts will create a more "cost effective" business, and those facing redundancy will be offered assistance in finding alternative employment.
The sales focus of SLD will be on sales of simple products by telephone, maximising sales opportunities from existing group pension schemes, and building face-to-face relationships with clients with more complex financial needs, Standard Life says.IFAonline
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected