Co-operative in 'advanced discussions' to sell IFA arm

Co-operative Financial Services (CFS) says it is in 'advanced discussions' with a buyer for its IFA business.

The company says the sale of its adviser arm is part of a new strategy being implemented following its merger with Britannia in August 2009. "We are exploring a number of strategic options for our independent financial adviser arm - Co-operative Independent Financial Advisers (CIFA)," says the company. "Our preferred option is the potential sale of the business and we are in advanced discussions on an exclusive basis with a third party." A CFS spokesman said the integration process with Britannia should be complete in two years. CFS has 12,000 staff, with its CIFA adviser arm e...