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't 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.”