Fidelity has cut a number of jobsacross its IFA sales team, according to IFAonline's sister title Investment Week. The group - which hired Russell Lancaster at the start of 2013 as retail sales director - has moved to restructure its IFA-facing sales team, reducing the amount of staff working across the country.
The business previously segmented its IFA sales team across seven regions in the UK, but has now cut this down to just three regions. As a result, there has been a number of redundancies among the IFA-facing sales teams. It is understood no senior staff members have been affected.
Fidelity said: "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.
"Under these changes the team is expected to grow, although some roles may no longer exist. No further details are available at this time."