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Standard slashes direct salesforce jobs

Standard Life is slashing its direct sales arm by more than half, reducing the number of direct sales staff to 270 from 630 with the potential loss of 360 jobs. The number of direct sales branches will fall to 11 from 21.

The restructuring will see the existing direct customer division divided into three separate business units – telesales, corporate account management and direct client management – and will be known collectively as Standard Life Direct.

As a result of the restructuring, branches in Belfast, Chester, Colchester, Dundee, Leicester, London West End, Maidstone, Newcastle, Sheffield and Southampton will close.

Standard Life managing director, sales Nathan Parnaby says: “We are fully committed to creating a strong and successful direct sales business. As a cost effective business these operations will require fewer employees.”


Tied sector faces equivalence

Banks and tied agents will have to disclose commission equivalence, according to the FSA&#39s menu proposals which were released last week. The move comes despite heavy lobbying by the tied sector, which was broadly reluctant to have to reveal how much it pays advisers. The FSA has identified five types of advisers and is determined […]

BTL borrowers invest to cover pension- Mortgage Trust

More than a third of buy-to-let borrowers are investing in property to cover their retirement according to research from the Mortgage Trust. The quarterly study of buy to let investors has revealed that 35% consider the need to supplement their pension to be the primary trigger which initially led them to purchase residential investment property. […]

HBOS nears target for investment products

HBOS says it is closing in on its goal of being number one for sales of investment products in the UK in its 2003 preliminary results, which show a 29 per cent increase in profit and exceptional items to £3.89bn from £3.06bn in 2002. It has also pledged to tighten its lending criteria. The five […]

Iimia – Iimia Investment Trust

Type: Investment trust Aim: Growth by investing in investment trusts Minimum investment: Lump sum £5,000 Investment split: Up to 100% in investment trusts, remainder in cash Types of shares: Ordinary Isa link: Yes Pep transfers: Yes Charges: Annual 0.5%, performance fee 15% Commission: None Tel: 01202 766755


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