SFS axe 30 staff in 2015 due to customer trends

SFS axe 30 staff in 2015 due to customer trends

Skipton Financial Services made 30 roles redundant in 2015 after noticing a trend in customers preferring online services to branches.

The company made a loss of £1.7m during 2015, most of which was a result of a restructure to take changing customer behaviour patterns into account.

According to a spokesman these changes resulted in a reduction in direct income and affected the “current and future profitability” of SFS, which is a wholly owned financial advice subsidiary of Skipton Building Society.

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The cost of the restructure was £1.3m, meaning the company made a loss of £400,000 in 2015 even without taking this into account.

The Skipton spokeswoman said: “Over the past couple of years, customer behaviours have been changing as they use online and telephone services more and visit branches to carry out their transactions less.

“The board considered all of the alternatives available to ensure SFS is a strong and viable business in the future. Alongside not filling some vacancies, extremely regrettably, SFS took the decision to make some redundancies.

“As a result of the restructure, taken out of a total workforce of 380 staff, regrettably 30 roles were affected in 2015.”

She added that provision of financial advice “remains integral” to the provider’s customer proposition.