Skipton advice arm loses managing director

Skipton advice arm loses managing director

Skipton Financial Services has announced the departure of its managing director Andrew Barker, a week after detailing plans to integrate its the advice subsidiary into the main building society.

A spokesman confirmed that Mr Barker has “decided to move onto a new challenge” after having worked for Skipton Financial Services since 1992, joining a few years after the business launched in 1988.

“He fully supports this evolution of the business and leaves with the utmost gratitude of both boards for his years of service,” a statement added.

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Last week, Skipton Building Society stated there be no compulsory redundancies as a result of the joining of the two businesses, which already share the same head office building in the North Yorkshire market town where the building society was founded in 1853.

The integration is still subject to regulatory approval, but the working assumption is that it will take place sometime during the summer.

An anonymous financial planning manager at SFS told FTAdviser that the integration was a surprise to many staff, but Mr Barker leaving was an even bigger shock.

“For many of us at SFS his departure is the real news and we’ll all miss him.”

Last summer, the lender launched its own retirement advice service, with Mr Barker having to defend the strategy to IFAs, who suggested it was in direct competition with them.