Co-op FS staff to hear their fate
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Co-operative Financial Services advisers have been called to a meeting in Manchester on Friday to hear what the future holds for the group’s life and savings business.
Staff are concerned that Co-op’s insurance arm will be sold or shut down, resulting in redundancies among the company’s 680 field-based financial advisers and 83 branch-based advisers.
CFS launched a strategic review of its life and savings business in October 2009. It will inform staff of the outcome of the review on Friday.
Money Marketing first tipped that CFS was looking to sell off its life and health insurance arm, which has assets of around £18bn, in August.
In October, the company hired Deutsche Bank to find a buyer, with Resolution and Phoenix both thought to be interested.
A Co-op spokesman says: “We can confirm that we have meetings planned for Friday to update colleagues on the strategic review of our life and savings business. We remain committed to updating all our stakeholders on the progress of the review at the appropriate times.”
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Readers' comments (118)
nick | 13 Jul 2011 8:52 am
will they tell them that because of RDR they will be closing down I wonder?
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Anonymous | 13 Jul 2011 9:08 am
Another bites the dust. Will the last one turn off the lights. FSA if you read these comments you will see another nail in the coffin for average consumer
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Swanny | 13 Jul 2011 9:17 am
From Hector
To: All FSA Staff
Well done, we have got rid of another company - Keep up the good work.
Not many more to go.
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Anonymous | 13 Jul 2011 9:17 am
The Coop is treating all its staff with contempt. Some staff are aware of a meeting on Friday while other's have not been told a word! They are messing with peoples lives!
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Dave Hedge | 13 Jul 2011 9:30 am
Re: Another bites the dust. Will the last one turn off the lights. FSA if you read these comments you will see another nail in the coffin for average consumer.
The FSA don't read anything that offends their own sense of unreality. They may as well be on the moon for all the good they do. Pity they aren't on the moon, they would do less harm to the industry if they were.
Until they have someone with proper experience of the retail side of the business there will never be any sensible policy from Canary Wharf.
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Anonymous | 13 Jul 2011 9:32 am
its nothing to do with rdr. the majority of us have already passed it 18 months before deadline!! i fear that we will be sold off, we all want redundancy
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George Grant | 13 Jul 2011 9:33 am
Just like Pearl, Prudential, Royal Liver, Liverpool Victoria and all home service years ago. No wonder banks are raking in all the business hardly any advisers will be left standing after RDR.
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Anonymous | 13 Jul 2011 9:58 am
loyal employee for 17 years and have watched on as everyone from the girls in the offices to the fat cat managers have walked away and sometimes back with big redundancy pay offs
we are the guys/girls who have kept on going despite all the uncertainty, most of us have successfully managed to pass rdr, while also keeping the business coming in and now look like we will be sold off to save the coop having to pay out redundancy
grow some balls at the top guys and behave responsibly - man in charge has already shut down abbey now he wants rid of us
shocking!!
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Anonymous | 13 Jul 2011 10:13 am
i have worked for cis/cfs/coop for 15 yrs and cannot believe how poor we have been treated over the years. we have watched on as 6500 advisers has been reduced to 500.
the successfull advisers have had to watch on as less competant advisers walked away with owing the coming £10k-£30k..
weve seen all around us be paid redundancy
we have stayed around, brought the business in, passed all the exams just so that we can now be used and sold off to the highest bidder. those responsible know who they are..
promised answers for 18 months and now made to wait all week for a meeting that the managers all know the outcome and through these forums maybe others outside the company know more than us..
absolutely appalling, unions have done nothing to help and will come out of this proud that they have managed to save us all and keep us in jobs... who with though???
give us redundancy and let us all move on...
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Anonymous | 13 Jul 2011 10:17 am
no word from managers other than meeting on friday
how are we meant to discuss new or existing investments with loyal valued customers when we dont know who they are going to sell us off to..
give us answers...
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