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Standard Life cuts 139 jobs

by William Robins on Nov 21, 2012 at 11:05

Standard Life cuts 139 jobs

Standard Life has cut 139 jobs across its UK and Europe business.

The changes follow the announcement made in August, in which Standard Life outlined the new operational model for the business which included an overhaul of its UK business creating an advisers and investments business unit.

The plans included a retail adviser proposition and wealth and investment solutions businesses to be headed by Richard Charnock in the new advisers and investment business unit.

Paul Matthews (pictured), Standard Life UK and Europe chief executive, said: 'A lot of great progress has been made getting Standard Life ready for the retail distribution review and pensions reform. These initiatives significantly change the way customers engage with us.

'Our current model and structure has to change to meet the changing demands of this new world where customers will want to interact in different ways for different products. The changes being proposed today fundamentally change how we’re organised so that our customers can have a greater experience with Standard Life.'

In 2010 Standard Life cut 500 jobs after another round of structural changes.

27 comments so far. Why not have your say?

John D

Nov 21, 2012 at 11:27

How does sacking 139 people mean "our customers can have a greater experience with Standard Life"?

All 139 must have been doing a really bad job!

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Green Eyed Monster

Nov 21, 2012 at 11:32

Ha,

Don't you just love corporate speak?

Not having to engage with these rotten 139 sods means you, yes you Mr customer will now be treated wonderfully by Standard Lies.

Apologies for your past experience with these people, but you knew we would find them out eventually. These people were the cause of : (oh but thats a different press release!)

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Brian Murphy

Nov 21, 2012 at 11:43

I think that most people like to think that they are doing a good job for their company.

Being made redundant is not a nice thing to happen and it is surely even worse when your Chief Exec issues a Press Release saying that Standard's customers will have a greater experience now that you've gone!

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Dogman

Nov 21, 2012 at 11:44

Nice to see more people losing their jobs right before Xmas - tis the season to be jolly......

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John Smyth 3

Nov 21, 2012 at 11:58

Beware any IFAs who have committed themselves big time to their wrap and other products.

They will be encouraging your clients to communicate direct with them and cut out IFAs.

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martyn edwards

Nov 21, 2012 at 12:04

The knock on effects have already started... 12 working days for a faxed transfer of servicing form to be looked at. Get ready for it... things can only get worse.

PS

Message to the FSA..... RDR - Well done I hope you are keeping track of how many people you have managed to have thrown on the scrap heap. A job well done boys and girls. Can't wait to see what you think up next.

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Des Pondent

Nov 21, 2012 at 12:26

Concur with your comments Martyn Edwards - Standard Life, Zurich, Aviva etc and most of the banks (love em or hate em - I hate em BTW!) - ,000s of jobs have been lost due to RDR. This is on top of the untold number of IFAs leaving or about to leave the industry along with the vast cost in implementing new systems and procedures just to satisfy a regulator that's largely been asleep at the wheel when it really mattered. A sad loss of experienced people. Shameful.

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Teri Downes

Nov 21, 2012 at 12:31

Its no better when an IFA makes you redundant and brings in some "employment law" note-taker to railroad you, giving you no opportunity to have someone with you (unless its the person not being made redundant). Gives you a letter advising you can contact XYZ Company if you want to appeal the decision (his best friend) and practically marches you off the premises so that you don't sabotage anything. Pretty upsetting when you have done your best for that Company but now you obviously can't be trusted. Three years later it still makes me angry. I have to say this was a far worse experience than being made redundant twice by life offices.

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One is afraid

Nov 21, 2012 at 12:32

500 gone in 2010, another 139 now. Plus no doubt others we are unaware of. What really makes me puke is that these overlords actually believe their proposition improves. No doubt the surveys, clipboards and 'yes-men' feed the right noises back. The sad reality is service is going backwards as is my confidence in an increasing no. of providers. Your experienced, helpful, service driven employees are being replaced by talking auto cues likely to be on temporary contracts and have little or no idea or care of the the technical needs of a client - innit mate!

I only hope that some of the departed have the service to get a decent redundancy. Perhaps then they can find employment within an industry that recognises loyalty and commitment.

Incidentally, I am still waiting for the courtesy fo being told that my Standard Life Account Manager has been made redundant - that was 3 years ago. I am damn sure that they would have been on the blower like a shot if they thought I was a potentially orphaned individual

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John D

Nov 21, 2012 at 12:42

@Des Pondent

"...along with the vast cost in implementing new systems and procedures just to satisfy a regulator that's largely been asleep at the wheel when it really mattered."

I heard an industry spokesman estimate the cost of providing "unbundled charges" and the systems to cope with them at £800m.

For what?

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Don Ledeepmerde

Nov 21, 2012 at 12:59

I had a SL endowment policy which 'matured' last year with a woeful value.

I don't remember anybody from SL giving a damn ...... as long as their bonuses and new office carpets kept coming.

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Ian Lees

Nov 21, 2012 at 13:21

One winders how many jobs standard life would have been offering - if they had supported Independent Fiancial Advisers - rather than taking their arrogant route - of refusing to listen to advisers , terminating agencies to new business at Standard Life and Fidelity Funds. Like scottish widows the trouble with companies - who are in fact one trick ponies i.e relying on with profit endowments ( in the case of scottish widows 15 yr endowments ) and pensions - and where standard life started were competent and started offering IHT and estate planning - scottish widows purchased this area of business when their owners TSB purchased Clerical Medical. Unfortunately, it appears that neither insurance company is comeptent to run these areas of business in a profitable manner - or to the benenfit of advisers. With Standard Life the appalling charges applied to EPP contracts - made their clients resentful and advisers reluctant to use them. Pension simplification and the many changes to pensions means that advisers can obtain much more efficient ( and significantly cheaper deals ) for our clients elsewhere. When scottish widows refused to provide an agency - and standard life now refuses to provide our clients with the opportunity to increment policies or place new business - I found another opportunity - which is most effective, and the volume of business has been substantial. I do not assume this would be suffiicient to worry old standard life or sloppy widows - but if I am not alone - and many advisers have found this solution - it is not difficullt to see why when standard life and scottish widows remove support - advisers use other alternatives en masse.

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chris connelly

Nov 21, 2012 at 13:48

Plenty of angry comments so far, and pretty hard to come back with anything positive other than to offer my services.

I am an experienced financial services recruiter (please don't just assume I am another hack trying to flog as many people jobs as possible) and have done a lot of work with folk affected by RDR and or redundancy.

I cannot place everyone but I am more than happy to speak to anyone in the industry even if it's just to offer advice and run through options, and if I don’t place you this time round then maybe I can somewhere down the line or you may even recommend me to a friend. This is really what decent recruiters should be doing in these strange times.

Please drop me a line if you are interested at chris.connelly@edenscott.com.

You can check out my Linkedin for a few examples of folk that I have helped, many of whom were affected by redundancies.

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Xiang Xhi

Nov 21, 2012 at 14:07

Standard Life do indeed bypass IFA's and look to engage with your clients directly. Part of your platform research should include who hold the intellectual property, as they could quite easily bypass you and suggest products that your clients do not need.

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Dante

Nov 21, 2012 at 14:15

@john Smyth3; is this an urban myth, a premonition or already happening?

If the latter, then why would anyone use their wrap?

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alan mcintosh

Nov 21, 2012 at 14:27

This number of job loses is a drop in ocean compared to whats coming in the next two years.Sadly a people,s business. is going to woefully short of good personnel.

The short of it surrounding rdr is that it isbeing managed by people who have very little knowlwdge of managing people.

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TradeFace

Nov 21, 2012 at 14:54

@ chris connelly - 'decent recruiters'? nice try

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Des Pondent

Nov 21, 2012 at 15:27

@alan mcintosh........"compared to whats coming in the next two years"? Could you expand on that comment?

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Philip Wise

Nov 21, 2012 at 16:12

I burnt my toast this morning. I'm blaming RDR. Seems it's to blame for everything else.

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martyn edwards

Nov 21, 2012 at 16:29

Ah Philip you were probably thinking what a wonderful world we will all inhabit post RDR.

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Ian Lees

Nov 21, 2012 at 16:31

Re Philip Wise - after RDR . . .you may be " toast ?" RDR = Reduced amount of advice, Rduced competition - severely increased costs - without increased service R D R Reduced, Destroyed . . . Redundant ( advisers employees and insurance companies )

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Philip Wise

Nov 21, 2012 at 16:44

Verily, it is the end of the world.

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One is afraid

Nov 21, 2012 at 16:54

No Phil - just nearly five o'clock. We we all be back again tomorrow as happy, smiley little bunnies. That is of course until we hear that it was actually RDR that caused Di Matteo's demise.

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martyn edwards

Nov 21, 2012 at 16:59

It actually was:- Redressing Disastrous Results

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Anitaki

Nov 21, 2012 at 17:13

What he actually means is "We're re-arranging the deckchairs before we sink"

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Green Eyed Monster

Nov 21, 2012 at 17:38

Where is the light switch?

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One is afraid

Nov 21, 2012 at 17:44

Sleep tight

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