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' 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's 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's products but it will be faded out