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AMP is seeking buyer for Pearl 1,000 salesforce

AMP is known to be seeking a buyer among IFAs for Pearl&#39s 1,000-strong direct salesforce following its closure to new business as part of a restructure of its UK operations.

The restructure will see AMP UK split into two divisions, one for ongoing business, including Towry Law, Ample and NPI, and the other operating a closed book, including London Life and Pearl.

It is known that AMP had approached big IFA firms to see if they were interested in the salesforce ahead of this week&#39s restructuring.

Following the announcement of the changes this week, AMP&#39s new group chief executive Andrew Mohl launched an unprecedented attack on rival UK life offices, claiming that at least 12 are also in breach of regulatory solvency requirements and that their aggressive purchasing of market share was irrational.

At a press conference this week, Mohl said: “Yes, the direct salesforce jobs are under review. It is not paying its way. The economics do not stack up in the medium term.

“We are one of a pack. There are another 12 companies that are in a similar or worse predicament to Pearl. The irrationality of a number of players makes this a difficult environment to operate in.”

In a prepared statement, the FSA says: “We have no idea what Mr Mohl is referring to or where he is getting his information from. Certainly not from the FSA.”

One leading IFA source says: “We have been approached to see if we are interested in buying the Pearl direct salesforce.”

AMP says it does not comment on market speculation over the sale of the salesforce.

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