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15 IFAs axed as IFG centralises

IFG Group, which has its headquarters in Dublin, is cutting around 15 of its rural UK IFAs because their remote offices do not fit within the group&#39s plans for fee-based advice.

Its UK IFA arm, IFG Life and Pensions, has reorganised around six flagship offices with 16 team leaders managing advisers working on a fee-only basis.

IFG Life and Pensions has been expanding through the acquisition of small firms across the country, particularly in East Anglia.

But the firm has axed staff from smaller offices because it could not offer its computer-based time-recording systems to remote locations. Advisers unable or unprepared to work from the regional centres are understood to have accepted redundancy.

Around 15 advisers are leaving but IFG has increased its IFA numbers from 80 to over 90 registered individuals in the last six months through organic growth.

It is hoping to take on a further 20 graduate train-ees in September. The group added London IFA Saunderson House to its UK operation last September for £7m.

IFG Life and Pensions chief executive David Saunderson says: “We are sorry when anyone leaves and we are sorry to lose good people but certain locations were not practical.

“Some people are leaving and some have already left. We have changed our strategy towards centralising our offices – we cannot have tiny offices.”

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