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Building society transfers IFA business to Towergate

East Anglia-based Saffron Building Society has today (14 February) confirmed the transfer of the financial planning activities undertaken by Saffron Independent Financial Advisers Ltd to Towergate Financial.

Towergate Financial currently works with four societies, operating in more than 50 locations throughout the UK.

The decision follows an extensive board-level review at Saffron of the future for financial advice and, in particular, the forthcoming Retail Distribution Review.

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The existing team of advisers will transfer to Towergate Financial.

According to the building society, the transfer will also deliver a small financial gain to Saffron’s members.

Saffron IFA was started in 2007.

Jon Hall, chief executive of Saffron Building Society, said: “Saffron’s objective was to guarantee the provision of this valuable financial advice service in light of regulatory uncertainty.

“Engaging with Towergate Financial achieves this objective as well as retaining our existing advisers. It is a credit to the team involved in Saffron IFA that there was such interest in this business reflecting the highest standards in handling our clients.

“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 though the forthcoming changes to regulation.”

Dan Saulter, chief executive of Towergate Financial, said: “We are looking forward to working closely with Saffron and providing financial advice to its members.

“Our business model, centred on providing great ongoing service, fits perfectly with the culture of the Saffron.

“The building society sector is a strong growth area for Towergate Financial, and with the Saffron on board, we are providing advice across four leading societies and more than 50 sites. We are looking forward to getting started.”