I read your article “Birds of prey under threat” (MW January 6) with interest. At the same time I was deeply concerned that you believe Midland Bank is “departing from the field” – it is not!
The purpose of combining Midland’s 850-strong life insurance and pensions salesforce into its branch network is to enhance the way we meet the financial planning needs of our customers.
By bringing together our specialist advisers at branch level, we are returning to the traditional values of the branch manager within the community.
Midland recently announced product changes anticipating the intensification of competition, with the introduction of product and commission disclosure, from the beginning of the year.
The front-end charges on Midland’s unit trust and PEPs have been reduced by a third, from six per cent to four per cent. The pricing of its endowment and term assurance contracts has also been reduced.