Royal Liver has admitted it may offload its IFA arm Park Row.
A spokesman for the friendly society says "withdrawal from the distribution space" is a possibility as it assesses its strategic options.
It follows reports over the weekend Royal Liver has appointed the accountants Ernst & Young to conduct a sale of Park Row, which it acquired for almost £17m in 2003.
According to Park Row's latest accounts, the former AIM-listed firm posted an operating loss of nearly £6m in 2008, although it says a radical cost-cutting programme prevented an £11m loss.
"We have received a number of enquiries about Park Row in recent months; the sector is changing rapidly and some are looking to enter or expand," a Royal Liver spokesman says.
"We are considering our strategic options, which, as always could range from withdrawal from the distribution space or could include adding to our presence, given that any operation needs scale in this sector."
A spokesperson for Park Row was unavailable for comment.
Meanwhile, reports also suggested Swiss Re is considering selling the UK operation of its financial advisory arm, AWD Chase De Vere, after receiving a number of indicative offers for the ailing business.
In March, its chief executive, Mike Kirsch, quit the group after a restructuring of the business, which included the sale of Moneyextra and the AWD Home Finance.
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