Co-op could be ready to offload IFA arm
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Co-operative Financial Services may be looking to offload its IFA arm, Money Marketing understands.
The bank merged with Britannia Building Society in Aug-ust 2009 and integration bet-ween the businesses is ongoing.
Co-operative Independent Financial Advisers currently has 120 staff, around half of whom are advisers.
A spokesman for Co-op says: “Following the merger between Co-operative Financial Services and Britannia, integration is underway to bring the two businesses together, with the aim of best positioning the company.”
“We are looking at a range of options for our independent financial adviser arm - Co-operative Independent Financial Advisers - which employs about 120 colleagues.
“No decision has been made but the final outcome will be based on the best long-term interests of customers, members and colleagues.”
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Readers' comments (3)
Anonymous | 29 Jul 2010 9:48 am
I can see why Co-Op wants to sell because this business is unsuitable for post RDR but I who would want to buy the business ?
Most advisers are without Dip PFS and the business book is mainly Investment Bonds written on full commission with a five year tie-in and no trail.
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Julian Stevens | 29 Jul 2010 10:07 am
Not even Andrew Fisher is likely to be interested in a business book like that, though there might be promise in reviewing all those bonds after five years of tepid performance and offering some proper financial planning into the bargain. Quite a novelty for most of the customers in question, I imagine.
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Anonymous | 29 Jul 2010 1:54 pm
CIFA is not fit for it's purpose, it is losing money and the business model is very dated. I would be suprised if they received any money for it as a going concern.
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