The IFA arm will be called Nationwide Independent Financial Services. Nationwide inherited Derbyshire Building Society’s IFA arm after acquiring the mutual last September. The soc- iety is piloting the service at Cheshire and Derbyshire bran-ches and is set to roll it out across Dunfermline branches after a recruitment process.
A Nationwide spokesman says: “Cheshire and Derbyshire are so close in terms of geog- raphy it is possible to effectiv- ely roll out an IFA operation supporting the branches relatively quickly. To do that across the Dunfermline office as well will be harder so we will have to go through a recruitment process there. That is what is in play.”
The Mortgage Practitioner principal Danny Lovey says: “While Nationwide is a society, generally speaking, consumers do not have an awful lot of faith in high-street brands so we will have to wait and see whether they will use their IFA proposition.”