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Skipton IFA aiming to double advisers after going independent

Skipton Financial Services IFA is on track to double its advisers to 80 by July 1 and take on another 40 by the end of the year following its decision to go independent in building society branches.

Skipton Building Society is to cut its tie to Norwich Union and change the status of 40 authorised representatives to IFAs under the SFS umbrella.

From next month, each of Skipton&#39s 80 branches will have an IFA advising on regulated products from a panel of providers, including NU, Zurich Financial Services, Axa, Clerical Medical and Standard Life.

Skipton says this will improve choice for society customers and will help with preparations for CP121, whatever the outcome.

The society says it will still have a specialist mortgage sales arm which will only advise on Skipton mortgage products.

As part of a shake-up of the group&#39s entire distribution strategy, 40 advisers have moved from branches to SFS with the aim of boosting their numbers to 120 in the next six months.

Skipton head of corporate communications Jennifer Holloway says: “On July 1, we break the tie with NU, although it will still be on our panel, and will become the biggest building society with its own IFA. We expect to be prepared for the outcome of CP121.”

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