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Pearl to merge Phoenix and Pearl divisions- up to 300 jobs at risk

Pearl has announced it is to merge its two life divisions, Phoenix and Pearl, in a move that could affect up to 300 staff.

The group’s Glasgow and Peterborough offices will be scaled down with the bulk of the operations transferred to the group’s site in Wythall near Birmingham. It says it will retain its corporate office in London.

A Pearl Group statement says: “The number of roles lost is likely to be near 300 across Peterborough and Glasgow and the Company would be very disappointed if it was above that.”

Pearl Group says it has combined its two life divisions in order to create a more integrated and sustainable business model.

Pearl Group chief executive Jonathan Moss says: “We need to build a business which is vibrant and efficient both today and into the future. This move helps us do this by creating a single main site of scale.”


Matter of principle

One common complaint we hear from some parts of this profession is that retail financial services is over-regulated. It is an easy accusation to make. Principles-based regulation appeals enormously but only if it reduces the burden of regulation rather than replacing the rules-based regulation with which we are all familiar.


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