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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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Capita Sip Services and Octopus are launching a joint wealth management product combining the tax benefits of VCTs and Sipps, allowing for 38 per cent on pension contributions. The product will only be available through IFAs and will use utilise Capita’s enabler infrastructure to capitalise on A-Day changes, permitting a broader range of investments and […]

Advice project could save 100m a year

Providing generic financial advice to people on low to moderate incomes could save the Government 100m a year in welfare payments, claims the Resolution Foundation. It says the figure is based on modelling by Deloitte & Touche looking at the impact of providing low-level advice to the 15 million people who are on below average […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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