Staff numbers at provider LV= have dropped by around 400 as it focuses on £40m of cost savings by the end of next year.
So far in 2017, the company has reduced costs by £12m. The £40m target was outlined in the company’s half year results statement today.
A spokeswoman says: “The focus of the cost savings is on ensuring we’re operating as efficiently as possible and not duplicating activity [or] processes. The aim of it isn’t about making people redundant but by being more focused on efficiency there have been cases where we haven’t replaced some vacant roles, so our headcount has naturally reduced and that number is by about 400.”
She says a “small proportion” of that number is made up of redundancies.
Cost savings will also come from reviewing service agreements with suppliers.
LV= is also working with platform technology provider FNZ to launch a managed portfolio service.
A small number of advisers will test the service from Q4 and it will launch to the whole of market in early 2018.
LV= life and pensions managing director John Perks says: “This is part of the platform technology that allows advisers to bespoke their own investment portfolios or to operate their preferred in-house investment solutions and to make it more convenient to rebalance those assets when there is a need.”