Friends Provident

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
500 jobs
Number of planned job losses
Job loss
Announcement Date
8 October 2003
Employment effect (start)
Foreseen end date

Description

Friends Provident, insurance company, decided to close down its door-to-door sales force. Originally, 380 jobs were to be cut. However, an additionnal 120 jobs will be lost in the suuport and administration staff. Discussions are in progress with 150 employees so they could become 'self-employed appointed representatives for the company'.

Sources

  • 8 October 2003: The Guardian
  • 20 November 2003: The Guardian

Citation

Eurofound (2003), Friends Provident, Internal restructuring in United Kingdom, factsheet number 60103, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60103.