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IFAs concerned other companies will follow R&SA

IFAs have reacted with concern to the announcement of the closure of Royal & Sun Alliance&#39s life business and are expecting other life companies to follow.

Baronworth Investment Services director Colin Jackson says: “It is very worrying. R&SA is a major life company – is this the first of many? A year ago I would never have imagined in my wildest dreams that I would be hearing this. The health of life companies is uppermost in people&#39s minds and they are looking to put money with household names but this is one.”

Dennehy Weller managing director Brian Dennehy says: “We haven’t done business with R&SA for year – I suppose part of the problem is that none of us has.”

Syndaxi principal Robert Reid says: “I can see other companies looking to see if they want to follow – it is easier to take the decision after one company has already taken it. This could be the first of many.”

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