Scottish Widows is to cut 200 jobs after a review of its customer services division.The cuts are being made because Widows wants to consolidate back-office processing at its Chatham operation which employs 450 staff. All customer-facing services will operate from Edinburgh and 200 staff will be axed, with 75 of these roles being considered for offshoring to India. A further 175 roles in the Lloyds TSB closed book back-office will be transferred to LTSB Group Operations at the end of the year. Widows says it will try to offer redeployment or voluntary severance but cannot rule out redundancies. Managing director of operations Christian Torkington says: “Staff in Chatham have made an important contribution to the Lloyds TSB Group and Scottish Widows in particular and we acknowledge the proposed changes will have a significant impact on individuals.” Amicus union national secretary David Fleming says: “Amicus does not want to see Scottish Widows disappear in a death by a thousand cuts. We are engaging with the company regarding their longer-term offshoring strategy. Although there are no compulsory redundancies on this occasion, we want to send a clear message that the union takes a zero-tolerance approach to compulsory redundancies from offshoring.”
F&C Asset Management is set to close its AIM growth fund on October 30 due to lack of investor demand.The £7m fund was launched in September 2001, and has been run by Catherine Stanley since October 2004. Stanley also runs the group’s UK smaller companies fund.
Kensington has launched automated valuations and electronic identification as part of its K-net eCommerce platform.AVMs and e-IDs are free to brokers, but packagers are only entitled to free AVMs. They are available on remortgage applications submitted online for loans up to a maximum of £150,000 on properties worth up to £500,000, and with a maximum […]
In last week’s column, Mark Harris concluded that the “merger” of Nationwide and Portman would be positive for consumers in the short term but negative in the long term. It is worth returning to the subject as I think it will also be negative for consumers in the short term.
Bankhall is cutting up to 35 staff from its commission department as its members increasingly move to a fixed-fee model. The firm says member demand for its fixed-fee model has driven the decision. Advisers pay monthly for support services on fees rather than by giving up 3 per cent of their commission. Bankhall says the […]
Edenred has partnered with Johnson Fleming to launch an auto-enrolment solution for small to medium-sized enterprises (SME) that will help employers fulfil their pensions obligations.
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
A majority of independent financial advisers think there should be a single rate of tax relief according to this week’s Money Marketing poll. More than 120 advisers took part in the poll with 77 in favour of a single rate of tax relief, 39 against and six undecided. Yellowtail Financial planning managing director Dennis Hall […]
The FCA has issued a warning over ‘commoditised’ defined benefit pension transfers running the risk of unsuitable advice. In a letter sent to advisers holding pension transfer permissions, the regulator reminds planners that a “key area” of its focus is on pension transfers, and that it will later this year be contacting all firms to […]
Problems look set to arise for pension schemes operating relief at source