View more on these topics

L&G to close flagship Kingswood headquarters


Legal & General is to close its flagship Surrey headquarters as part of a cost cutting drive that has already seen senior staff exit and a major restructuring of business divisions, Money Marketing can reveal.

The insurer employs 1,700 people in its purpose built, 50 acre Kingswood office but says it will be closing it “over the long-term” as part of “efficiency” savings.

L&G individual retirement managing director Bernie Hickman says: “In time we will not be in Kingswood.

“We have a lot of operational people working in Kingswood and when you step back it’s not an obvious place to have administrative activities – it’s quite an expensive place to be located.

“Times change and it’s bigger than we need it to be. When you look ahead as to where things are going, you need to move on.”

L&G would not confirm whether there would be redundancies.

Hickman says jobs will “mainly” be transferred to other offices and adds: “All the time you’re looking to ensure you are as cost efficient as you need to be. Going forward across many areas of the market, margins are lower and costs need to move in line with revenue.”

An L&G spokeswoman says its businesses across all locations are “actively considering their office requirements on an ongoing basis as part of our broader long-term business strategy”.

In addition to Kingswood, the firm employs 1,300 people in Hove, 1,300 in Cardiff and 600 in Birmingham and Witham.

The news comes in the same week Aviva announced the closure of three offices following the integration of Friends Life, as part of plans to save £225m in costs by the end of 2017.

The insurer will shut two Friends Life offices and one of its own over the next 18 months. The closures will be in Salisbury, Stretford and Salford.

Aviva also plans to reduce its presence in Exeter, Dorking and Manchester as it cuts staff by up to 1,500 people, as it announced earlier this year.

In the past year L&G several senior staff, including head of strategy for individuals annuities Tim Gosden and pensions strategy director Adrian Boulding, have exited.

The firm has also restructured, with group protection moved to the insurance division, the corporate defined contribution pensions platform moved inside L&G Investment Management, and the savings business was split into mature and digital divisions.


Adrian Boulding L&G 2012 - correct size

L&G’s Adrian Boulding to join Tisa

Legal and General pensions strategy director Adrian Boulding is to join Tisa as policy strategy director when he leaves the insurer in August. Money Marketing revealed in February Boulding was leaving L&G after 18 years. The organisation has also appointed Adam Hogkins as head of engagement, who joins from regulatory compliance firm Cordium where he […]


L&G winding down network as it moves towards DA-only model

Legal & General is winding down its appointed representative network as it looks to concentrate solely on distributing through directly authorised brokers. The group says it is encouraging its ARs to turn DA but firms that do not wish to do so will be offered the chance to join Mortgage Advice Bureau or Stonebridge, two […]


Aviva to close three offices as merger cuts bite

Aviva will close three offices following the integration of Friends Life, amid plans to save £225m in costs by the end of 2017. The insurer, who bought the Friends Life business last year, will shut two Friends Life offices and one of its own over the next 18 months. The closures will be in Salisbury, Stretford […]


HSBC to axe 8,000 UK jobs

HSBC has confirmed plans to cut up to 25,000 jobs as part of a restructure of the business, including up to 8,000 roles in the UK. The total cuts exceed reports from last weekend, when it was suggested redundancies would reach 20,000, and represent a reduction of more than 10 per cent in the bank’s […]


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. For ‘Aviva is reducing its presence in Dorking’ take that as closing it – as the staff were told on Monday.

  2. “…’s not an obvious place to have administrative activities….”

    Surely a bit late in the day to be acknowledging this ?

  3. If they can get planning permission the site will be worth a fortune! However whether the local residents (many of whom have considerable influence) will be happy about it remains to be seen

  4. There is not enough parking and public transport to the site is not ideal plus its very expensive and you can’t stay locally easily. Shame they didn’t exploit their Cardiff location more but contracted after the Welsh Assembly withdrew subsidies.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm