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B&B shifts from bank to become national IFA

Bradford & Bingley is looking to phase out its retail savings and deposit

business within three years as its IFA arm grows in importance.

B&B technical director Rob Guy says the goal is to grow its advisory

business so that it outstrips the traditional banking side in size. He says

the plan is to make the former building society prim-arily a distributor of

other providers&#39 products.

He does not believe there is any one national IFA brand name that is

recognised by consumers and B&B aims to fill this void.

Guy says even though B&B&#39s own high-net-worth IFA Charcol has a strong

name in London and the South-east, it is not well known in the rest of the


In March, the bank launched Marketplace, a branded IFA in each Bradford &

Bingley branch offering consumers immediate access to independent advice.

B&B still conducts the majority of business through banking operations but

if the plan is successful, the IFA side will become bigger.

Guy says: “A lot of it will be determined by the consumer but the retail

savings and deposits will become less important. Currently it is larger

than our distribution of other people&#39s products but it will be faded out

over time.”




Aah – the smells of summer. The scent of flowers in bloom, steaks burningon the barbecue, the smell of rotting compost and, for the second yearrunning, the stench as the corpse of a once respected insurance companyrapidly decomposes in the summer heat. Last year, Equitable Life. This year, Independent Insurance. One a mutuallife insurer catering […]

May mortgage figures hit CML record high

Mortgage lending in May hit its highest level since Council of MortgageLenders&#39 records began in 1998. The increasingly buoyant housing market meant total gross mortgage lendingwent up to £12.9bn last month from £11.6bn in April and£10.1bn in May 2000. Lending for house purchase by both banks and building societies rose to£8.1bn from £7.4bn in April […]

Outside Edge David Ferguson

The FSA launched the public and industry consultation phase of itswith-profits review last week at an open meeting aimed at addressing thekey issues. Speakers were well weighted between advocates and critics representing themain strands of interest from product providers to IFAs and the Consumers&#39Association. That so few life companies are prepared to publicise the return […]

The Mortgage Operation – Mortgage Cover Plan

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