MetLife UK have announced it is pulling the plug on new wealth management business to “refocus its strategy” to drive the growth of its employee benefits and individual protection businesses.
According to bosses, “high levels of service” will be maintained for existing wealth management customers and their advisers.
MetLife will be writing to existing customers and advisers underlining its commitment to support their retirement and investment products and has informed regulators and service partners of its plans.
Dominic Grinstead, managing director of MetLife UK, said: “Our wealth management business has grown to £5bn assets under management since launch in 2007, which is a testament to the success of our products.
“However, whilst our wealth management products deliver good outcomes for our customers, the ongoing challenge of long-term low interest rates has made it difficult to deliver value for MetLife.
MetLife launched its UK wealth management business in 2007 with guaranteed retirement and investment solutions and serves around 50,000 customers
We do not believe there is any reason for existing policyholders to panic, and MetLife have advised existing guarantees will be honoured. We will, of course, keep you updated via our blogs if further information comes to light.
If you would like to discuss your existing MetLife contract, please contact your usual MFP consultant for more information. Or click here to contact us >>