View more on these topics

Big shake-up at Barclays sees sales directors axed

Barclays has begun plans to re-engineer its IFA businesses with a high-level rationalisation of sales management at director level.

The shake-up will bring the Woolwich IFA Services, Sedgwick and Barclays Independent Financial Planning sales- forces together into one business unit with a single management structure under the BIFP banner. Each firm will keep its name at present.

The number of sales directors is being cut from five to two and 13 regional sales managers have to apply for seven positions. Barclays says it has not sacked the sales directors but has put them on gardening leave until it can find them new positions.

It says it has no plans to cut its IFA salesforce which has over 600 RIs.

It will segment the business into three parts, with Sedgwick becoming the specialist arm, BIFP the high-value arm and Wifas the wealth arm. The bank says it has no plans to use the BIFP name across the board at present but would not deny that this could happen.

Barclays spokesman Alan White says: “We are absolutely committed to growing and strengthening this part of our business.”

Recommended

Pru offers bonus payout protection on WP plans

Prudential is offering an incentive to wary with-profits investors by saying it will protect bonus payouts on new business from being dragged down by the poor investment conditions of previous years.The company says all accumulating with-profits products bought since the spring of 2002 will have their total bonuses based solely on the fund&#39s performance since […]

Female IFAs to stay independent

Ninety-three per cent of female-led IFA firms say they are committed to remaining independent after depolarisation, with only 6 per cent planning to multi-tie, according to new research from the Women&#39s IFA Group.The survey reveals that 36 per cent of the firms surveyed have already started changing their business strategies in advance of the implementation […]

Five year fix at 3.75 per cent from Leeds & Holbeck

Leeds & Holbeck Building Society is launching a limited offer five year fixed rate mortgage with a rate of 3.75 for taking the lender&#39s Homecover insurance. Those not taking the insurance package pay 4 per cent.Available up to 80 loan to value, the mortgage allows penalty-free capital repayments up to 10 per cent each year […]

B&W fixes at 3.79% for three years in deal with Scot Prov&#39s mortgage alliance

Bristol & West is offering a three-year fixed-rate loan exclusively through Scottish Provident&#39s Mortgage Alliance.The fixed rate of 3.79 per cent runs until the end of August 2006 then reverts to the bank&#39s standard variable rate, which is currently 5.54 per cent. There is no extended tie-in on the loan.The mortgage is available at up […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com