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IFAs bombarded with applications from Halifax RIs

Halifax IFAs fuming over the bank&#39s decision to axe their division are applying to IFA firms and networks.

London-based IFA Alexander Hall says it has received a number of applications from Halifax employees who want to remain IFAs. It claims the Halifax IFAs who have applied are fiercely protective of their independent status and are refusing to accept Halifax&#39s offer to become tied agents.

Other RIs within Halifax&#39s 130-strong IFA division have been approaching the IFA networks. M&E Network has been contacted by a number of Halifax IFAs, as has IFA service provider Bankhall. DBS also claims to have had approaches from at least 50 Halifax IFAs.

Alexander Hall managing director Simon Nimmo says: “IFAs who have come to us are very disappointed Halifax is asking them to lose their independence and a lot of their colleagues are saying the same thing.”

Bankhall operations director Tony Murrell says: “From the IFAs who have approached us, it is clear it came as a real shock, especially as the IFA sector is growing in the rest of the industry. But they are very sensibly weighing up their options as a group and as individuals.”

DBS press relations manager Sue Lewis says: “These IFAs clearly do not want a tied solution and we will do everything we can to help them maintain their IFA status.”

Halifax spokesman Ian Beggs says: “These advisers have experience and high levels of skill and we are encouraging them to stay within the organisation. The role of the tied agent is going to expand and we hope they will be attracted to the opportunities.”

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