View more on these topics

Abbey is shifting ScotProv jobs to Glasgow

Abbey is moving 900 jobs from its Edinburgh offices to Glasgow as part of its review of UK operations.

The move could mean redundancies among the 700 Scottish Provident staff based in St Andrew Square and George Street in Edinburgh. Scottish Mutual staff will not be affected.

Most of the 730 customer services staff will be offered relocation packages but it is thought that the majority will not accept the deal to relocate or commute to Glasgow.

A further 400 jobs in Warrington, Derby and Bradford are at risk as the group plans to outsource some current account enquiries over the phone to India.

Abbey has over 40 sites in the UK but is planning to invest £25m to boost IT and training in five key locations.

Axa is planning to move 230 jobs to India as part of a restructuring programme that will see the company cut 700 from its UK workforce.

Unisys vice-president of global banking Jonathan Charley says: “Moves to India are coming out on a daily basis. This is a trend that could be be a bubble. When financial services companies realise that the quality of service is not what they hoped for, they may decide to move operations back onshore again, like a number of their US counterparts.”

Abbey chief operating officer Luqman Arnold says: “We have taken some tough business decisions that are necessary to the health of Abbey&#39s future and for giving our customers better service at a competitive price. We recognise this will not be welcome news to the people affected but we have also been able to take away uncertainty of others.”

Recommended

FSA: All change for with-profits

January 1, 1999: FSA assumes responsibility for prudential regulation of the life insurance industry. December 2000: Equitable Life closes to new business. February 2001: FSA announces with-profits review.October 2001: Baird report into FSA&#39s handling of Equitable Life says regulator “could have done better”. February 2002: FSA tells firms to be more open on WP. March-September […]

Mortgage 2000 – Mortgage Express Investment Buy-to-Let Discount – 5 Years

Type: Discounted rate buy-to-let mortgage Discounted term: Five years Discount: 0.61% Payable rate: 4.99% Minimum loan: £60,000 Maximum loan: Up to 85% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum of £500,000, up to 70% of valuation subject to a maximum of £1m Income multiples: Monthly […]

Friends cuts critical-illness premiums by 20%

Friends Provident is slashing its critical-illness insurance premiums by an average of 20 per cent and withdrawing its stand-alone guaranteed product.The move follows Legal & general cutting critical rates and ending stand-alone guaranteed cover last week.Friends is also removing coronary artery angioplasty from its guaranteed critical-illness product – as is L&G – and cutting the […]

Aberdeen ends move to sell property arm

Aberdeen Asset Management&#39s property division has been withdrawn from sale, with the company snubbing bids as new business streams continue to grow.AAM says Aberdeen Property Investors is no longer up for grabs after previous bids, some as low as £45m, were rejected. The latest bid was believed to have been tabled last December by property […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com