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F&C outsourcing to save £12m a year

F&C Asset Management plans to appoint a new outsourcing provider in a bid to cut the annual costs of its business by £12m.

The company says the move will affect around 110 staff, which represents about 70 per cent of its existing operations staff, many of which are expected to transfer over to the appointed provider.

The firm will reorganise its remaining business processes around the outsourced model.

F&C says the restructuring programme will create an operational cost base that varies with assets under management and transaction levels.

It expects the programme will reduce costs by at least £9m, with savings starting in the second quarter of this year. A further £3m will be made through downsizing its premises’ requirement due to the smaller number of staff.

Chief executive Alain Grisay says: “We can announce this major step in ensuring we have a more flexible cost base which can adjust better to accommodate changes in our business mix. These developments will ensure we have the right operational platform to respond effectively to the evolving needs of our clients.”

F&C recently called on shareholders to vote against a bid by Sherborne Investors’ to remove chairman Nick MacAndrew and Brian Lacombe from F&C’s board.
Sherborne, which has a 17.5 per cent stake in F&C, has requisitioned a general meeting to propose the changes on February 3.



Clients were told IFA firm had gone bust rather than network

An adviser has slammed Phoenix Independent Advisers for sending a letter to some of his clients last November that claimed his firm had gone into administration. Abacus Assurance Financial Services managing director Philip Vaughan says PIA sent a letter last November to at least three of his clients invested in a Friends Provident investment bond, […]


National Skills Academy to launch RDR work-based assessment

The National Skills Academy for Financial Services has developed a diploma in investment planning tested through work based assessment to comply with the RDR. The Experience Counts qualification has been developed by the NSAFS and Corporate Training Partnerships, and will be awarded by the Chartered Institute of Bankers in Scotland. CIOBS is also behind Aifa’s […]

Alternative thinking

Financial planning alternatives will get more airtime once the pension reforms are fully implemented

We need to talk about risk

Consumer attitudes towards investment risk are very different to those of investment professionals. Lucian Camp, principal of Lucian Camp Consulting, looks at how the gap can be closed

Guide cover

Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them


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