Standard Life cuts marketing roles in product revamp

Around 75 jobs within Standard Life's asset management division are set for the chop next year as the firm radically alters the types of products it develops and offers to its customers.

The redundancies are restricted to the marketing division, and are going to be split between Edinburgh and Bournemouth.

Strangely, at the same time 38 roles are going to be created in the Scottish capital, as the firm enters a change of direction in the way it develops and markets products.

The firm says (rather vaguely) that it will now be listening closely to customers' needs and gauging the market requirements before designing new products.

A spokesperson says: "Standard Life is radically transforming the way in which it approaches marketing. We are therefore reviewing our marketing function to ensure its structure supports our business going forward."

Simon Gulliford was brought into the firm as chief marketing officer and is believed to be the driving force behind the change of direction.

Neil Lovatt, sales and marketing director at Scottish Friendly, told the Scotsman that the move reflected a tougher operating environment where products can no longer be designed and pushed on the market by asset managers.

"If financial products are going to be successful then they need to be based on good research and an understanding of what the consumer needs," he said.