View more on these topics

Halifax IFAs to take firm to tribunal in dismissal claim

Halifax is to be taken to an industrial tribunal for constructive dismissal by around 15 of its former IFAs follow-ing its failure to respond to union demands.

The move follows Halifax&#39s decision to close its IFA operation, Hifal, and its offer to integrate the 130 RIs into its tied salesforce.

The IFAs, backed by the Independent Union of Halifax Staff, last week asked Halifax to acknowledge their grievances over plans to make them tied agents.

But the advisers say Halifax has not provided a satisfactory response, prompting the legal action.

At least 80 IFAs are believed to be looking to leave the company and remain as independent advisers. Union solicitors are in contact with the IFAs giving advice.

One IFA says: “We had careers and futures with Halifax. We were a stable workforce. We have been forced into this situation. Halifax is a big organisation which will take it to the wire. I do not want to have to do this but I want a fair settlement.”

Staff union deputy general secretary Clive Webster says: “Halifax is still saying that being a tied agent is a suitable alternative employment.

“There is a cost issue – it may be cheaper for Halifax to pay individual cases than admit this is not suitable alternative employment and hand out redundancy payments. Our members know that and we do too.”

Halifax general manager of long-term savings Keith Abercromby says: “This is a fantastic opportunity for RIs to continue to serve the Halifax cus- tomer base.”

Recommended

Trade bodies link up to design training toolkit

Financial services trade bodies are teaming up to design a toolkit to help IFA businesses meet the FSA&#39s training and competence regulations.The project is being co-ordinated by the Insurance & Related Financial Services National Training Organisation, which is working on behalf of a consortium of organisations including Autif, Aifa, Sofa, IFP, LIA, Sifa and the […]

Aim float for Lighthouse

National IFA the Lighthouse Group is to float on the Aim for £20m with a placing of2.5 million shares.The placing, which will start on October 27, will issue shares at 160p, with the proceeds used to accelerate the expansion of the business.Lighthouse has 30 IFAs operating from 11 practices but is aiming to increase this […]

SG Asset Management – Eurotech Isa

Tuesday, 24th October 2000.Type: Unit trust maxi Isa.Aim: Growth by investing in European growth unit trust and technology unit trust.Minimum investment: Monthly £100, lump sum £2,000.Maximum investment: £7,000.Catmarked: No.Investment choice: 50 per cent in European growth unit trust, 50 per cent in technology unit trust.Charges: Initial 5.25 per cent, annual &#45 European growth 1.5 per […]

Fourth scenario for stakeholder

I was very interested to read Adrian Boulding&#39s article on scenario planning in MM&#39s Surviving Stakeholder series.He gave three scenarios – stakeholder succeeds, compulsion and stakeholder flops.There is a fourth scenario which might be termed “stakeholder succeeds as a catalyst”.Under this scenario, stakeholder might be modestly successful in its own right but its real importance […]

2015: a divergence in economic policy?

As the US continues to confound growth expectations and the eurozone’s ‘will they, won’t they’ saga has finally concluded, what are the implications for global markets? James Dowey, Neptune’s chief economist, puts forward his outlook for 2015 and the key considerations for investors.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment