STANDARD LIFE is to cut up to 360 jobs from its direct sales force as part of a restructuring of the business.

Europe's biggest mutual life insurer said it was closing ten of its 21 direct sales branches and reducing the number of people employed in direct sales from 630 to 270.

The company said it was also scaling down its telephone operations with the loss of a further 30 jobs.

A total of 16 jobs will go at the insurer's Newcastle office, a further 23 employees will continue to work in the independent financial advice section of the business on the Tyne.

The group said it remained committed to keeping a direct sales force.

The direct sales branches that are being closed, in addition to Newcastle, include Leicester, Chester, Colchester, Sheffield, Belfast, Dundee, the West End of London, Maidstone and Southampton.

Earlier this year, the group said it was carrying out a strategic review, looking at the options for changing its structure. One of the options considered was a stock market flotation.

Standard Life is presently jointly owned by its more than two million customers.