The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities 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
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://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60103.
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