Friends Prov admits it struggled with wrap

Earlier today the group announced it will scrap its wrap program, preferring to concentrate on its established life and pensions areas. Friends Provident UK sales and marketing managing director Simon Clamp says the decision to end the wrap program is part of the firm’s strategy to entirely move away from the wealth management market. “It is no secret the wrap proposition has taken longer than anyone would have expected, and was more complex than originally planned,” Clamp says. The announcement means incumbent group CEO Trevor Matthews, who was instrumental in Standard Life’s wrap devel...