Which? plans closure of mortgage and protection advice business
Period of consultation
Consumer choice brand Which? is proposing to close its mortgage and protection advice arms.
The mortgage arm of Which?, which was established in November 2010, currently employs 53 advisers. According to the consumer champion, the mortgage and insurance advice branches are "no longer sustainable in their current form".
"We can confirm we have announced proposals to review the future of Which? Financial Services and are sadly proposing to close Which? Mortgage Advisers and Which? Insurance Advisers," a Which? spokesperson told Professional Adviser's sister brand COVER.
"Like every business we need to adapt to changing market conditions and remain fit for the future," they continued. "The market has changed considerably in recent years - due to a combination of continuing UK economic uncertainty and a stagnant housing market."
Consultation period
The spokesperson added: "We will now enter into a period of consultation with our employees. No final decisions will be taken until this process has taken place.
"While the consultation is underway, business will continue as usual, and we will continue to deliver the quality of service that our customers would expect."
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