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Royal London axes 250 direct sales advisers

Royal London is to undergo a major restructuring over the next three years, moving into the unregulated market and slashing 250 advisers from its direct salesforce.

In anticipation of a liberalisation of the market for financial advice, Royal is reducing the number of its existing advisers to 450 from 700 but launching a new salesforce which will exclusively sell unregulated products. It hopes the new salesforce will grow into the second tier of adviser that the FSA has proposed in its depolarisation plans.

The restructuring will involve Royal signing affinity group distribution agreements to sell products direct to the membership of clubs and associations.

It also intends to scrap its present website during the summer and replace it with an interactive version to allow customers to transact online. Some of the advisers made redundant may be redeployed in other areas of the business.

Retail operations chief executive Chris Ide says: “Increasingly, financial advice in the workplace and simple advice on the phone or internet will be the preferred choice for many customers. We must ensure that our products and services anticipate people&#39s changing needs and aspirations. This programme is designed to put us in a position to do that.”

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