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Wifas in poaching row over IFA clients

Woolwich Independent Financial Advisory Services has been criticised by IFAs for trying to poach IFA clients introduced to the Woolwich for mortgage products.

Financial Advice and Services director Aaron Brann complained to the Woolwich after his wife and three clients all got letters from Wifas asking them to contact a Wifas adviser.

The letters have been sent to clients of Brann who had been sold Woolwich products as well as to other IFAs&#39 clients.

Woolwich says it will apologise to the brokers affected and says the letters were sent out in error.

It says clients who had been referred to the lender by introducers were mistakenly included on a group mailing list.

Woolwich is refusing to say how many letters had been sent out but says it did not intend to poach clients from IFAs.

Brann says: “These letters indicate the betrayal of the relationship IFAs have built up with the Woolwich and show the blatant disregard the Woolwich has for us as a distribution channel. Poaching clients does not make good business sense.”

A Woolwich spokeswoman says: “These people were mailed in error. They should have been exclude from the mailing list and they were not.

“The Woolwich apologises to brokers and clients who have been affected by this mistake.”


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