Co-operative Financial Services exits life business

Co-operative Financial Services (CFS) is ceasing to act as an underwriter of life business after a strategic review.

• It has entered into talks with Royal London to sell its life insurance subsidiary

• It plans to extend its partnership with AXA for the provision of in-branch financial advice that exists across the 248 branches of Britannia to its 90 Co-operative Bank branches

• The 670 people in the field-based advisory team will be redundant.

Funeral plans news: 23 June 2011