Cofunds has laid off 10% of its overall staff in a bid to cut costs and balance staff levels with de...
Cofunds has laid off 10% of its overall staff in a bid to cut costs and balance staff levels with decreased sales volumes.
Clive Boothman, chief executive officer of Cofunds, said the fund supermarket had cut 34 permanent staff and a further 18 temporary and contract workers in its London and Chelmsford offices.
Boothman said: 'We took a look at volumes and the market and lightly trimmed the workforce to ensure an appropriate balance against our levels of business.'
He also noted the vast majority of fund groups on the Cofunds platform can now carry out Pep and Isa transfers within 30 days, meeting FSA guidance on re-registration. Boothman said, on average, fund groups take 17 days to carry out an outbound Pep or Isa transfer. He added the best groups were able to process transfers in four, seven and 10 days, respectively, while the worst took 43 days. Only two groups are as yet unable to process transfers in 30 days or less though.
Boothman said: 'As at 1 October we had 1,700 transfers outstanding. If groups are taking longer than a month and are finding transfers difficult, we will work with them and help them.'
He added the process has been speeded up on occasion by exchanging information via spreadsheets and upon receipt of confirmation, Cofunds will process the transfer on the same day.
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