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Friends Provident signs £200m deal with IBM

Friends Provident has signed a 10-year outsourcing deal with IBM worth £200m.

The move, which could save the firm £6m in annual cost savings, sees Friends Prov’s IT and infrastructure services outsourced to the US technology firm.

The contract, due for completion in March 2009, means 200 of the provider’s employees will transfer to IBM and its partners.

Friends Prov chief executive officer Trevor Matthews says: “This is a big step forward in achieving our targeted £40m of annual cost savings by the end of 2009. The cost savings we will realise under this contract will help to make Friends Prov a leaner, fitter and more efficient business without compromising the market leading levels of service we are renowned for.”

IBM Global Technology Services general manager for UK and Ireland Bruce Ross says the agreement allows the firm to enhance integration and improve flexibility and support for Friends Prov’s business requirements.



Cummings says banks shutting down IFA firms

Aifa is warning of a growing number of banks closing the business accounts of IFAs and suggests that this could be an attempt to wipe out distribution competition.

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