MoneyMarketing.co.uk revealed last week that 85 staff from the IFA distribution division will face the axe as a result of the review while 50 direct private client management roles and 60 head office positions will go.
Standard is downsizing its spread of regional call centres across the UK from 11 to six. It is adding three staff to its face-to-face IFA salesforce, bringing the total to 130.
Legal & General axed a third of its salesforce – 35 jobs – in January. Last week, the firm said another 250-450 service jobs were threatened across offices in London, Cardiff, Brighton and Kingswood.
Worldwide Financial Planning IFA Nick McBreen says job cuts would be a “very poor” business decision for providers if service levels drop as a result.
He says: “If there is a degradation in the level of technical support by telephone, then that would be a nuisance to everybody because you rely on key providers to give you that level of support and Standard Life and L&G are very good at that. I think it would be a very poor business decision if that was the knock-on effect of these cuts.”
But a Standard Life spokesman says: “Maintaining and improving service levels has been at the heart of this restructure. We appreciate that we have a very good reputation for service within the IFA community and that is something that we are determined to hold on to and the changes have been made with that in mind. It is a headcount reduction but we are certain that it will not mean any reduction in service.”