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Halifax considers 300 agency closures

Halifax is considering closing down its 300 third-party agencies after it revealed it will be closing down 26 counters across the UK.

The bank says a “strategic review” of the remaining third party agency counters is underway, no decisions have therefore been taken about the third party agency counters.

This comes after a whistleblower in the Mail on Sunday claimed that the bank is ready to close 550 counters and branches. The source told the paper that the agency closures were the pilot of “Project Tulip”, a plan to close as many as a third of all Halifax’s 1,300 outlets.

Financial advisers, solicitors, and estate agents run the branches, which are usually found in small towns and villages through the country. Agency counters offer basic services such as paying-in and withdrawing money, not the full range of services available at full Halifax branches.

The possible decision by the bank is part of its wider restructure as HBOS merges with Lloyds.

The bank says the 3,000 Lloyds Banking Group bank branches are not included in this review.


The third dimension

More and more people are looking for alternative ways to take their pension benefits but how many consider the whole market before making a potentially irrevocable decision?


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. OK, loss of service
    Bearing in mind they say it is limited at the 300 agencies, if the general public still want to go in to the same palce they have been for decades, is there anything to stop the former agency getting the consumer to sign a general power of attorney for the outlet to act as agent for information only and then carry on as normal, just without Halifax paying for the work, so the former agent has to agree how to pay for their time with the consumer?
    THis is the same or a similar issue to the dual pricing of mortgages, i.e. the FSA seem unable to think about the unitended consequences of what is just a cost savings excercises for the faillures (I mean banks).

  2. Agency closures
    I work in a busy Agency and we can do alot more than basic transactions. We can do most things that a main branch can do! We are a vital part of our community and I think our customers would be most upset if we were to close down.

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