MetLife UK is closing its wealth management business to new business.
The provider announced it is pulling the plug on wealth management 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 their advisers underlining its commitment to support their retirement and investment products and has informed regulators and service partners of its plans.
Illustrations for new wealth management business will cease at 5pm tomorrow (7 July) with applications accepted until 5pm on 28 July.
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 hard work and commitment of our staff and 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.
“After thorough analysis, we have decided to focus on our employee benefits and individual protection business.
“We will work with our colleagues to support them as we go through this important transition. We are committed to providing the highest level of service to our customers and financial advisers.”
MetLife launched its UK wealth management business in 2007 with guaranteed retirement and investment solutions and serves around 50,000 customers