Royal Liver halts Progress
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Royal Liver has closed its specialist IFA protection service Progress to new business with immediate effect.
Royal Liver says the decision is based on the primary objective to manage its resources in the best interests of its policyholders and focus on its capital position. The firm says: “Due to capital constraints, the society is not in a position to continue to invest in the long-term prospects of the Progress business. This closure will not impact existing customers with Progress protection products, nor will it affect Royal Liver’s continuing discussions with Royal London regarding a potential transaction.”
In June, Royal Liver and Royal London signed an agreement committing Royal Liver to exclusive talks about a merger with Royal London. The agreement began a due diligence process to see if a merger of the two firms would be in the best interests of their members.
Master Adviser senior partner Roy McLoughlin says: “It has been a strange week. We have had the great news that Aegon would remain in the protection market but shortly after, we had the news of Progress being closed to new business.
“It is sad to see the demise of a company that was well respected and used by many.”
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