James Hay staff fear axe in IFG business review
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The entire James Hay workforce is facing the risk of redundancy following its £38.9m acquisition by IFG last month.
IFG has entered into a 90-day consultation period collectively with union group Advance and all roles within James Hay have been put at risk of redundancy.
The consultation is part of IFG’s strategy and review of the James Hay business, which currently has 32,000 Sipps under administration.
An IFG spokesman says the review will be undertaken in phases. He says: “This does not mean that all department reviews may result in redundancies. Placing all roles at risk of redundancy allows management to take a stepped app-roach to the review process.
“IFG proposes to remodel admin and to introduce streamlined and automated end to end processing, which will provide retained employees with more dynamic job roles, and better job prospects, with the least amount of disruption to the business, intermediaries and clients.”
According to IFG’s latest financial results, IFG will maintain the James Hay platform in Salisbury, with new business flowing to IFG’s Bristol platform. IFG says this “mitigates the risks of standard integration”.
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Readers' comments (3)
Pensionman | 1 Apr 2010 9:37 am
Very sad indeed. I wonder if the James Hay board knew about this when they sold out?
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Anonymous | 8 Apr 2010 3:50 am
This is not sad at all, it is excellent news. James Hay have had antiquated systems for years and their new business has stagnated as a result. IFG bring to the table some excellent tried and tested technology which will make James Hay a great company going forward and create many new jobs as a result of the increased levels of new business. IFG is an excellent company, well managed and prudent. Theyhave not bought this business to let it stagnate.
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Anonymous | 2 Aug 2010 10:25 am
Thank you to the above, who is very obviously an IFG employee.
As a client of James Hay I am dissapointed that any new business I put their way will not be handled by James Hay, but by IFG in Bristol. James Hay is, effectively, finished. It was bought purely for it's back book with no interest in developing it's existing products.
I, for one, will be voting with my wallet.
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