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Friends Prov closes AR network

Friends Provident has closed down its appointed representative network of 200 mortgage advisers.

The network, comprising 109 firms currently accounts for around 1 per cent of Friends Provident’s new business sales.

Intrinsic Financial Services will immediately take on the regulatory responsibility for any advisers transferring to its network.

The provider has confirmed that around 90 roles will be affected, including some redundancies. It is currently in discussions with Amicus about how to progress but says it will aim to redeploy elsewhere in the business where possible.

Friends says it will continue to push its protection offering through its primary business, around 80 per cent of which is through IFAs.

Head of distribution Simon Clamp says: “We have been working with the union to see how we will deal with the roles affected and there will be some redundancies. The network was very small, only accounting for 1 per cent of our new business figure and although it was profitable, we have decided to close it down.”

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