Living Time managing director of sales and marketing Dave Harris has left following the firm’s distribution deal with MetLife.
The deal, revealed by Money Marketing last month, will see MetLife exclusively distributing Living Time’s fixed-rate annuity product. Harris says leaving the firm was the logical step.
He says: “The deal means there is not much more for me to do. My role was primarily marketing and distribution so now MetLife are doing that itself, my role has shrunk. The board and I decided it would be best for me to move on.”
Last month, Living Time acc-ounts revealed the firm would get a £450,000 loan from Alico by February 28 in an effort to address liabilities of £257,000. The firm has also implemented a “wide-ranging cost reduction programme”, with staff costs cut by 50 per cent.
Harris says some staff have transferred to MetLife while seven staff joined MGM Advantage in January.
Harris says he is unsure what his next move will be. He says: “I have really enjoyed helping build the middle market and there is still a lot to be done with retirement in the UK but I am not sure what will crop up. I will just cast some line over the next few months and see what happens.”
The Annuity Exchange director Stuart Bayliss says: “I think that the move from working for a smaller entrepreneurial organisation to being part of a monolith was always going to be difficult.”