Aegon is to close its UK-based tied advisory service Aegon Direct as it progresses with a restructure designed to cut costs across the group by 25% by the end of the year.
Aegon said it will wind down the business, which, until last year, offered tied advice on both conventional and enhanced annuities but now offers whole of market guidance on the conventional products, by the end of the year. It said it believes the capital required to run the unit can be better redeployed in other areas to provide a greater return for shareholders. Meanwhile, the group has announced it is putting in place new structures in its customer services and finance areas as a result of investment in technology and streamlining of operations, with the loss of more than 100 jobs...
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