L&G has reported the percentage of UK sales via IFAs fell for the first nine months of the year compared to the same period last year.
The group says the drop is due to changes to its distribution channel mix over the last twelve months ahead of the RDR. UK risk and savings sales through IFAs dropped to 65% of the total to September this year, from 75% for the same period in 2008. Meanwhile, sales through tied and direct channels rose to 27% and 8% respectively. L&G spokesman Steve Leach says the changes represent the company's move towards using more specialist IFAs. Global new business at L&G was down 7% to £1,058m over the period compared to £1,137m in 2008. The group says this reflects its focus on higher qual...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
