IFAs have reacted with concern to the announcement of the closure of Royal & Sun Alliance's 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's minds and they are looking to put money with household names but this is one.”
Dennehy Weller managing director Brian Dennehy says: “We havent 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.”