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Friends Provident plans closure of direct sales force

Friends Provident is conducting a review of its UK distribution
structure that is likely to result in the closure of its direct sales force.

The cost-cutting measures are in anticipation of regulatory changes
that Friends believes will allow it to distribute more effectively through
the new types of independent and tied financial advisers allowed
under depolarisation.

Around half its advisers will be offered the opportunity to switch to
self-employed appointed representative status.

Friends is consulting with staff and Amicus on the outcome of the
review which is expected to be concluded on November 19.

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