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Advisers&#39 fears over firm&#39s closure to UK life business

IFAs have reacted with concern to the closure of R&SA&#39s UK life business, warning that other life companies will follow.

Advisers say the decision to stop writing with-profits last year meant the writing was on the wall and say the closure of a household name will dent consumer confidence. They also claim the company&#39s move to IFA distribution after selling its direct salesforce failed to convince them of its commitment to the market.

Dennehy Weller managing director Brian Dennehy says: “We have not done business with R&SA for a year – I suppose part of the problem is that none of us has.”

Baronworth Investment Services director Colin Jackson says: “It is very worrying. R&SA is a major life company – is this the first of others? A year ago, I would never have imagined in my wildest dreams that I would be hearing this. The health of life companies is uppermost in people&#39s minds and they are looking to put money with household names and this is one of them.”

Syndaxi principal Robert Reid says: “I can see other companies looking to see if they want to follow – it is easier to take the decision after one company already has. This could be the first of many.”

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