Standard Life makes moves to avoid job cuts

Fifty staff in Standard Life's UK protection business could face the axe - but the firm insists it will attempt to move them to other business areas.

Standard Life said in a statement this week that a "fiercely price competitive" protection market - which covers situations like income protection and critical illness - had forced the cuts.

The firm stated: "It makes more commercial sense for us to focus our resource and investment on other lines of business which are able to generate more profitable returns."

Not wanting to get rid of its skilled staff though, Standard Life later added that it expected a "significant proportion" to be shifted across to other areas of the business.

Meanwhile, insurer Prudential has announced the results of a widespread review of its back-office operations. A 15-year outsourcing deal has been struck with Capita, and it is expected the 2,300 staff working in Stirling will be transferred rather than face the chop.

Prudential undertook the review in an effort to save 195m a year to help its under-performing UK arm.