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Friends Life testing restricted advice scheme with IFAs

Friends Life is piloting a restricted advice proposition with IFAs.

Earlier this week, Axa Wealth revealed plans to launch a restricted advice model in the next three months.

Speaking to Money Marketing after of Friends’ preliminary results this week, managing director of corporate benefits Colin Williams said: “We think most advisers will follow some kind of restricted route, which is why we thought it was appropriate to support restricted and independent advice models.”

Resolution this week set out plans to split Friends Life into two separately listed businesses which could be sold off. It says it will look for exit options involving mergers and acquisitions but also needs a “self-managed” exit option. It will ensure the complete division of an OpenCo and a HeritageCo can be achieved by early 2014. The OpenCo would include the UK “go to market” business units, overseas business and Sesame Bankhall Group.

The HeritageCo would consist of the closed book business and associated parts.

Resolution says that it will continue to look at smaller acquisitions to enhance the OpenCo and UK closed life funds opportunities.

Operating profits for Friends Life leapt last year to £722m from £290m in 2011.

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