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AMP axes Pearl DSF and plans retirement multi-tie

AMP is to slash 1,900 jobs at Pearl in a radical overhaul of distribution at its troubled UK operations.

It is axing the 1,000-strong Pearl direct salesforce, with the rest of the job losses to come from admin staff. AMP expects to save £160m next year from the move.

The firm will create a stand-alone salesforce of between 50 and 100 specialising in retirement planning which it plans to multi-tie using the Towry Law back office. It also plans a mortgage advisory service.

AMP Group chief executive Andrew Mohl warned of more changes to come. The job cuts come on top of a cull of 1,500 across its UK businesses announced in June.

Mohl ordered the review after revelations about Pearl&#39s weak solvency and the sudden departures of previous chief executive Paul Batchelor and UK managing director Tom Fraser.

Trade union Amicus joint general secretary Roger Lyons says: “The scale of the job losses has left the staff devastated and leads us and our members to fear the worst. Amicus officers are meeting with the company in an attempt to avoid compulsory redundancies and to ascertain the true extent of the difficulties.”

Mohl says: “We have taken tough decisions across the board, reshaping to do the basics really well. In the UK, we want to reduce our capital commitment by releasing capital from the mature business and develop a wealth management business that is capitalefficient and which plays to our strengths.”


Independent view

It&#39s the economy, stupid!Bill Clinton&#39s famous election sign should be hung over the entrance to every IFA&#39s office in Britain at the start of 2003. Maybe then we will concentrate on finding plans to help our clients rather than being so obsessed with our own future.This year looks like marking the most dismal three years […]

L&G launch medical underwriting course with university

Legal & General has teamed up with Cardiff University to roll out a new medical underwriting course.The 20-week course, which has been organised by Professor Mansel Aylward and Professor Peter Halligan, will provide 60 hours of customised lecture presentations and workshops for new and experienced underwriters.L&G says lectures will be given by leading internationally recognised […]


The issues of greatest interest for financial advisers and financial product providers would seem to be: (i) The possible taxation of corporate capital gains/losses on a mark-to-market (year by year) basis.(ii) The possible abolition of indexation relief for companies. (iii) The retention of capital gains tax freedom for gains made by collective managers and indexation […]

Downing Corporate Finance – Electra Kingsway VCT

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Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]


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