The Prudential has scrap-ped plans to set up a face-to-face financial planning service for high-net-worth clients and will restrict existing customer contact to call centres and the internet.
Following its decision this year to axe its 1,400-strong direct salesforce, the Pru said it would offer up to 200 sales staff the chance to join the new fee-based advice service.
But it says after a summer pilot of the Ground-breaker service, it has scrapped the proposal. Pru's new UK and Europe chief executive Mark Wood will consider alternatives as part of a wider review.
Policyholders will not have access to face-to-face advice and the salesforce has been told in a letter that their final day of service is August 24. The letter says they are prevented “for a period of 14 months from approaching or dealing with anyone who you dealt with or who you know to be a customer or potential customer”.
The Pru says it has 1,500 staff qualified to offer advice to customers over the phone.
Spokeswoman Tracey Pinon says: “The initial pilot has finished and we have decided not to continue with this initiative in its current form.”