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Friends Provident may move UK staff to India
June 05, 2003 10:14 IST
British insurer Friends Provident may cut its UK staff and move their positions to India, British daily The Independent said on Thursday.
FP plans to add 100 new jobs in India to its existing work force. India has become popular with UK financial institutions in recent years because its highly educated work force is comparatively cheap.
The rise of telephone banking, Internet distribution of financial products and global telecoms networks has made it easy for firms to place staff anywhere in the world.
"The jobs in India are to increase capacity in addition to what we have in Britain," FP's managing director, Ben Gunn, said according to The Independent.
"No UK jobs are affected by the current plans. But there is a possibility that if the move is successful, it may have an impact on UK jobs in future."