Your IndustrySep 2 2015

IFP tells staff to move to London

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IFP tells staff to move to London

All staff members at the Institute of Financial Planning have been told they will have to relocate to London as part of the merger with the Cisi.

The 15 staff – some of whom are full-time and some of whom are part-time – are being consulted over the proposed merger, which if approved by the IFP board, will take effect from November.

Rebecca Taylor, the president of the IFP – currently based in Bristol – said every single one of the 15 staff at the trade body would have the opportunity to transfer to the Cisi in London.

“We will be discussing details with the individuals involved and expect to be able to allocate suitable roles to everybody that would like to transfer,” she said.

This would involve people being forced to move or to commute to London – which takes about two hours by train.

Those who cannot move or commute – or do not want to – will most likely be made redundant, according to IFP communications director Sue Whitbread.

Ms Taylor said: “Separate agreements will be made for those who cannot or do not want to move.

“Should the merger go ahead there will be a relocation allowance for those that wish to transfer but we do not know how many staff are transferring at this stage – it is too early.”

There have not been any discussions involving unions to date.

According to its 2014 results, the IFP strong profit and loss reserves of more than £132,000 and reported a profit of more than £40,000.

The spokesman added that the situation surrounding Nick Cann – the chief executive of the IFP who took time out in 2013 following a stroke – would be among the staffing issues to be resolved.

However, Ms Taylor suggested he might have a future with the body, adding: “Until there is a decision to go ahead it is impossible to make comments about any individual member of staff, including the personal situation with Mr Cann.

“However all members of staff at the IFP will be offered positions.”

Once the merger is complete – subject to a consultation with IFP members which ended on 4 September – Cisi will continue to use its current name and chartered status.

Adviser view

James Harvey, director of London-based James Harvey Associates, said: “I have got confidence in the board of the IFP and I know most of them – more than just by sight. So if they believe this merger is in our interests I am happy to go along with it.”