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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

country.

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.”

DOCE:

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