On Friday, the Co-operative announced that it is pulling out of providing financial advice. CFS is now in the process of rearranging itself making something like 670 of its financial advisers redundant. This is in part due to rising regulatory costs and presumably a decision about their ability to deliver a workable service with the new rules for advisers from 2013 (all advisers have to charge fees from 2013 and remove commission).

Royal London are now in talks with Co-operative over the sale of its life assurance and asset management businesses.  AXA are also in the frame to take over some of the assets and perhaps some of the branch-based staff. They will be offering AXA products. The IFA arm of the Co-operative Bank was sold off last year. The Co-operative has been an advocate of ethical investment and it is not clear this has been effected. This is not good news for many people that have modest levels of savings and want ethical investment, reducing the choice further.

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