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Majority of IFP staff to leave in Cisi merger

Majority of IFP staff to leave in Cisi merger

The majority of staff at the Institute of Financial Planning look set to take redundancy as part of the body’s merger with the Chartered Institute of Securities and Investment.

According to Cisi, at least eight of the IFP’s 13 staff have chosen to take redundancy rather than move from their Bristol offices to London when the merger goes ahead on 1 November.

Lora Benson, head of media for Cisi, said: “We are looking to fill some of the positions which have not been taken up by the IFP staff.

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“We won’t be indicating which roles these people are in at the moment.”

Among the people leaving the IFP when the merger goes ahead will be chief executive Nick Cann and Steve Gazzard, who has been standing in for him while he has been on long-term sick leave.

The IFP had said all its employees who wanted to move to London would be able to keep their jobs and would be given a transfer allowance.

Background

The merger was approved by the IFP’s board last month after a consultation process in which 218 people – 10 per cent of the body’s membership – took part. Of these, 154 were in favour, 28 expressed no preference and 36 were opposed.