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670 jobs to go at Co-op Finance

Monday July 18th 2011

Co-operative Financial Services (CFS) has announced plans to withdraw its field-based financial advisory team in a move which will lead to the loss of 670 jobs.

Of the job cuts, 497 will be from the sales division, while the remaining jobs affected are from office-based managerial and support roles.

The latest announcement came as part of the strategic review of CFS's life and savings business.

CFS, part of the Co-operative Group, said the division faced rising regulatory costs with the introduction of the Retail Distributive Review (RDR), which proposes significant reforms for the distribution of retail investments.

In January 2013, the RDR will be introduced.

In June, 700 UK jobs were axed by banking giant HSBC in an effort to deal with a fall in demand for financial advice due to the RDR reforms.

Copyright © Press Association 2011

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