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Nationwide pilots new IFA arm

Nationwide is piloting a new IFA arm, with a view to rolling it out across Cheshire, Derbyshire and Dunfermline building societies.

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.”

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