Friends Prov prepares to count cost of abandoning initial

Ben Gunn, chief executive of life and pensions at Friends, says the withdrawal of initial commission for new schemes may translate into a 25% fall in new business in the second half of the year. Gunn says the move is a deliberate step that Friends has taken to adapt to the major shift seen in the UK market this year. The firm is still paying out pipeline commission for business that has already been quoted, but says this has been largely completed. Speaking to IFAonline earlier today, Gunn also commented on why Friends Provident chose to abandon its wrap platform earlier in the year, hav...