Eighty-five jobs in the IFA salesforce will go, while 50 staff on the private client management side and 60 employees in the head office will face the axe.
Standard broke the news to its 1000-strong distribution team in simultaneous meetings across the country this morning. The firm says it will try to redeploy staff to other divisions.
It says the “changing distribution landscape” and volatile markets were the catalyst for the review, which aims to help consumers actively manage their money and contribute to “the delivery of high quality returns to shareholders”.
Its regional telephone support centres will be consolidated from 11 to six across the country. Standard will create 16 new jobs as part of the review, including three face-to-face IFA sales roles bringing the total from 127 to 130.
A spokeswoman says: “Standard Life is going through a process of transformation to become a global asset managing company. As part of this, the company has reviewed the structure of its distribution function to ensure it is in the best position to support this strategy and deliver against financial targets. We remain fully committed to working closely with our distribution partners to create mutually beneficial relationships and to ensure we are well positioned for success, both now and in the future. All changes are designed to lead to improved operational efficiencies in our distribution channels and will not impact on service levels.”
Standard says it has no plans to make redundancies in other divisions.
Money Marketing revealed in January that Legal & General was axing 35 jobs, or a third of its IFA salesforce. Friends Provident, Norwich Union, Axa and Aegon have ruled out imminent cuts to distribution staff.