Bradford & Bingley has announced plans to multi-tie its Marketplace franchise, which would result in the creation of the first high street multi-tied operation.
The results of a strategic review revealed today see it multi-tying its 740 in-house IFAs which sit under the Marketplace brand in its branches while it will seek to sell its subsidiary IFA operations – Charcol, Charcol Holden Meehan and Charcol Aitchison & Colegrave.
B&B will be refocusing and growing its branch-based retail business and reducing its costs in an effort to develop its specialism in the lending industry through its Mortgage Express subsidiary.
B&B's range of financial products, available through its branches, while in the main manufactured by others are selected by the company “as best-in-class”.
It says by multi-tying the majority of product lines as soon as regulation allows, the opportunity to “substantially simplify” its business processes will be created, replacing them with a “clearer, stronger proposition that gives customers the degree of choice they value”.