Co-op exits financial advice; 670 roles axed

It said rising regulatory costs meant the business was "increasingly becoming sub-scale", adding the move supports its strategy to focus on banking and general insurance. The Co-op has also announced it has entered into exclusive talks with Royal London to sell its life insurance subsidiary. A sale would include the £15bn of assets in its Long Term Business Fund and The Co-operative Asset Management (TCAM) which manages it. Today's announcement follows a strategic review of Co-op's life and savings business. Despite its exit from offering financial advice directly, CFS has signe...