M&G has announced it will be leaving the platform market.
In its mid-year results report, the business said that following a strategic review it had taken the decision to exit because of the need to commit “significant” resources if it wanted to become a stronger player in the market.
Instead, the business will focus on and rationalise its wealth strategy, growing the distribution of its own solutions through its restricted advice service, the wider advice market, and third party platforms.
In addition, it will combine its wealth and life businesses, rationalising the business model. This the report said would complement the PruFund “with the life insurance solutions that our clients want, reduce duplication and improve operational efficiency.”
“Underpinning these decisions, is our ongoing drive to deliver improved client outcomes.”
