Fidelity Worldwide Investment has slashed a number of positions across its IFA sales team, Investment Week reported.
According to the report, the group has moved to restructure its 15-strong IFA-facing sales team, reducing the amount of staff working across the country.
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Investment Week report further revealed that the business previously segmented its IFA sales team across seven regions in the UK, but now has been cut down to just three regions. As a result, there has been a number of redundancies among the IFA-facing sales teams.
However, no senior staff members are thought to have been affected.
"In response to the changing landscape as a result of the Retail Distribution Review we are currently reviewing the structure of Fidelity’s retail sales team to best meet the needs of advisers," the publication quoted a Fidelity spokesperson as saying.
"Under these changes the team is expected to grow, although some roles may no longer exist. No further details are available at this time," the spokesperson added.
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