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Pru axes 2,000 sales staff

Prudential is axing 2,000 jobs from its direct sales force over the next 12 months, in a move towards greater internet and telephone service.

The job losses will come from its sales force, sales support operations and central back-office and administration support.

The Pru&#39s direct sales force numbered 9,296 in 1991 but the restructuring will leave only 250 qualified advisers providing specialist face to face financial planning and 100 consultants advising on pensions through employers.

The Pru plans to increase distribution of products through IFAs through a new company, Scottish Amicable Financial Services.


Equity-release plans cost West Brom £27m

West Bromwich Building Society last week finally admitted it has paid out nearly £27m in legal bills and compensation following its High Court battle with customers missold equity-release plans in 1980s and early 1990s. The society has been left with the bill following inappropriate sales to pensioners by financial adviser Fisher Prew Smith. The economic […]

Cable accuses DTI on Equitable reserves

Trade and Industry Secretary Stephen Byers is facing calls to examine the role of his department in the Equitable debacle in the early 1990s. In a series of Parliamentary questions, Liberal Democrat MP Vincent Cable asks Byers to detail the measures the DTI took when it had regulatory control to ensure guaranteed annuity liabilities were […]

NU says IFA market means it must use genetic tests

Norwich Union has blamed IFAs over its controversial use of three genetic tests when underwriting life insurance. Before the Parliamentary science and technology committee last week, chief actuary Mike Urmston said as NU is in the IFA sector, it must have access to all available information. The three tests are for Huntington&#39s disease, Alzheimer&#39s disease […]

MPs scathing at Diggle &#39diddle&#39

Treasury civil servant Paula Diggle has come under an unprecedented attack from MPs over moves to scrap polarisation. The news comes as Money Marketing relaunches its Poles Apart campaign in a bid to support IFAs and resist any further change to the current polarisation regime. At a meeting of the all-party insurance and financial services […]

Converting pension savings to a retirement income…

Since last year’s reforms to pension legislation, a significant number of retirees have chosen income drawdown over purchasing an annuity. Income drawdown is more flexible than an annuity. However, it also increases the likelihood that individuals won’t be able to maintain their income throughout their lifetime. In this short video, we explain the risks that […]


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