View more on these topics

Saffron BS sells IFA business to Towergate

Saffron Building Society has sold its IFA business, Saffron Independent Financial Advisers, to Towergate Financial.

The decision follows a board level review of the future of financial advice within the building society with RDR approaching. However, the deal will see the firm, under Towergate’s stewardship, continue to offer advice to SBS customers.

The sale will see the firm’s existing advisers transfer to Towergate Financial.

Saffron says its members will also see a “small financial gain” as a result of the transfer. The IFA was set up in 2007.

SBS chief executive Jon Hall says: “Towergate Financial is an extremely well-respected firm with the necessary expertise and financial strength to complement Saffron Building Society.

“I am glad that their stewardship will provide continuity of quality independent financial advice to our customers and am wholly confident that our IFA clients will be well-supported through the forthcoming changes to regulation.”



Lloyds makes further restrictions to interest-only offering

Lloyds Banking Group is making a number of restrictions to its interest-only offering from tomorrow. The changes will apply to all new interest-only, including part interest-only mortgage applications and further advances. The bank will no longer accept cash savings, including Isas, as a repayment vehicle with further effects on stock and shares. Stocks and shares will […]

Morgan Stanley job cuts loom on derivatives

Morgan Stanley European head of structured product marketing Sophie Barnett has been put on consultation along with other members of the equity derivatives team, Money Marketing understands. The consultation is understood to be part of a wider programme of redundancies at the bank. In December, Morgan Stanley announced it is planning to cut around 1,600 […]

Rental value

My father died last year and we discovered he had accumulated a great deal of wealth from investing in shares. My mother has a secure income and wants to reduce the liability to estate on her death. She is 86 and in good health. She is considering gifting her house to my brother and me […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment