View more on these topics

Friends Life to cut a further 150 jobs

Friends Life 480

Friends Life is making around 150 staff redundant as part of a new round of cost cutting.

The provider says it has not yet decided which departments will suffer cuts, adding it will inform staff in due course.

As well as the job losses, Friends Life has around 50 job vacancies it will no longer fill.

Friends Life currently has around 3,800 employees.

A spokesman says: “Friends Life continues to progress with the ongoing reorganisation of the business to create a group structure which can deliver its clearly-stated business strategy and position the business for future growth.

“We therefore announced to our employees in November that we are proposing the redeployment of a number of group positions into the business divisions in order to align the available skills and resources with the needs of those divisions. We have identified considerable savings from non role-related costs but the proposed changes may result in around 150 roles being made redundant.  In addition, we have around 50 vacancies that will not now be filled.”

Money Marketing reported in August that the provider has made head of public relations Peter Timberlake redundant as part of its bid to cut costs across the group.

In July last year, the provider announced it was closing its Basingstoke office and consolidating its Manchester offices by the end of 2012.

In November last year, Friends announced plans to outsource the IT and customer service functions for its heritage business to Diligenta, with 1,900 jobs moving across to the outsourcing specialist.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. last in put the lights out please.
    well done RDR

  2. Nice christmas prezzie !!

    Still those nice people at the FSA will be having a all expences no holes barred christmas party, I am sure they will raise a glass at a job well done !!

    Then sit back and watch the financial services industry grind to a holt in 2013.

  3. DH – I don’t think financial services will grind to a halt in 2013, it will be a definite challenge to put our proposition to the consumers, but not much has really changed other than the commission issue, you can still take your fees as a percentage, fixed charge or hourly rate for work done, the only real difference is the fear of losing cash in hand the consumers will see leaking out of their bank account or investments immediately instead of drip feeding the amount paid to us via a charging structure.

    If the clients value your services, then I cannot see them deserting you wholesale, but it depends on which area you work in.

    AND If the worst comes to the worse, I am sure there may be some vacancies in the regulation or CMC industry most of us could migrate to.

    We might also consider becoming an MP (no qualifications needed except a good speaking voice and an ability to talk people into believing what you promise, until you get in power and then all change, but the expenses are really good and they have a good pension scheme.)

  4. Disappointed of Basingstoke 5th December 2012 at 2:18 pm

    And there was I believing the hype that the combined best bits of Friends Prov/AXA/BUPA would challenge the protection market leader. Nope, just less choice, less competition and now the spectre of redundancy. Terrific!

  5. As an ex Friends Life employee this does not surprise me. I appreciate a business is there to make money, but when shareholders are the primary concern and not employees who get the business through the door and process it, it becomes an unbearable place to be. They want robots on minimum wage yet brag its a company going places. Hmmmmm..!! Looks like it.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com