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Royal London to close face-to-face operation

Royal London has announced its intention to withdraw from face-to-face selling. This would mean approximately 50 redundancies at the Wilmslow office and 330 around the rest of the country if it is decided to proceed with closure after consultation with employees.

Royal London says the announcement will not affect Scottish Life, Bright Grey and Royal London Asset Management.

Group chief executive Mike Yardley says: “For Royal London, the economics of face-to-face advice through a direct sales force just don&#39t add up any longer. Our Group strategy is to focus on the successful growth of our product manufacturing businesses, Scottish Life, Bright Grey, and Royal London Asset Management, which distribute through intermediaries.

“With the financial strength of Royal London behind them, these businesses have been successful in growing market share and have considerable potential to grow even more strongly, so enhancing the value of the Group for the benefit of our members.”


Kenmir in challenge on charges

It is not FSA policy to tell IFA firms how much they can charge in fees, according to FSA managing director David Kenmir, who says it is up to the market to determine what advisers can charge. In response to reports that an FSA supervisory visit had resulted in an IFA being told that £150 […]

Skills council backed over separate exams

The Financial Services Skills Council published its long-awaited exam review this week to unexpected approval from former critics of its proposals. Its move to provide a separate savings and investment paper has been applauded by the industry, which is also welcoming the introduction of exams for long-term care and lifetime mortgages. The skills council has […]

NU and Standard take lead for life multi-ties

Norwich Union and Standard Life would be the top two choices for IFAs multi-tying for life and pensions, according to The One Account/Money Marketing IFA State of the Nation poll. The survey shows that 81 per cent of IFAs would not consider multi-tying but participants were asked to list their top four life and pension […]

Fat chance

For those of you out there who thought IFAs were a healthy bunch of individuals – think again. The Diary has evidence to the contrary. At a recent health conference, Framlington kindly offered IFAs the chance to take a cholesterol test and came up with the worrying statistic that 28 per cent have cholesterol issues. […]

CGT entrepreneurs' relief

Entrepreneurs’ relief is due, subject to meeting certain conditions, in respect of capital gains arising on ‘material disposals of business assets’. These ‘business assets’ include: Read more


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