Friends Life managing director for UK protection Steve Payne is set to leave the company following a radical post-Budget restructure, Money Marketing can reveal.
Group protection director David Williams is also set to depart on the back of a review of the business conducted in the wake of this year’s Budget.
As a result of the review, Friends Life’s UK business will be split into four departments: workplace and intermediated; customer marketing and engagement; proposition and pricing; and customer service. Currently the provider’s functions are divided based on products.
A spokeswoman for the firm says the new departmental structure is designed to be more “customer-aligned”.
She says: “Changes brought about as a result of the Budget earlier this year mean that customers have greater flexibility and more choice than ever before. At Friends Life, we are well placed to help our customers understand all the options now available to them.
“Prior to the Budget, we had anticipated a large amount of change in the retirement market and had already taken steps to increase our focus in this area. The Budget proposals coming into force next year have simply accelerated the work we were doing in this area.
“In order to meet the needs of all of our existing and potential customers, Friends Life has today announced a new structure for its UK Business, which supports our growth ambitions.”
Both Payne and Williams will remain in interim positions until the restructure is complete.