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BBC drops Millfield from panel

Bates Millfield has lost its berth on the BBC’s panel of preferred financial advisers.

The corporate contract gave the BBC’s 18,000 staff access to Bates Millfield advisers.

It is thought that the BBC dropped the firm due to recent concerns, including potential upheaval over the company’s integration into The Money Portal group.

Bates Millfield says it is not concerned about losing the contract but admits it has to restore the faith of clients in the company.

The Money Portal head of distribution Alan Easter says: “We are in the process of winning back the hearts and minds of our clients. We are now a company with a stronger balance sheet and fewer issues.

The fact that TMP has clients along the lines of Nestle is evidence that it can handle big clients. We are not worried about this .”

A BBC spokesman confirmed: “Independent financial advice is available to BBC staff on preferential terms from a panel of advisers. Millfield has been among a number of financial advisers on that panel in the past but is not currently.”

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