Saffron BS sells IFA business to Towergate

Saffron Building Society has sold its IFA business, Saffron Independent Financial Advisers, to Towergate Financial.

The decision follows a board level review of the future of financial advice within the building society with RDR approaching. However, the deal will see the firm, under Towergate’s stewardship, continue to offer advice to SBS customers.

The sale will see the firm’s existing advisers transfer to Towergate Financial.

Saffron says its members will also see a “small financial gain” as a result of the transfer. The IFA was set up in 2007.

SBS chief executive Jon Hall says: “Towergate Financial is an extremely well-respected firm with the necessary expertise and financial strength to complement Saffron Building Society.

“I am glad that their stewardship will provide continuity of quality independent financial advice to our customers and am wholly confident that our IFA clients will be well-supported through the forthcoming changes to regulation.”