Dunfermline unveils independent financial advice service venture

DUNFERMLINE Building Society is to launch an independent advice service across its branch network in Scotland that will claim to offer whole-of-market advice.

The mutual, rescued by Nationwide a year ago, will offer access to independent financial advisers (IFAs) by phone or through its 34-strong branch network. The venture, similar to that put in place by Nationwide at the Derbyshire and Cheshire building societies in England, is slated for launch early next year. Nationwide Independent Financial Services will have 12 IFAs that the firm claimed would be qualified to advise and recommend products from across the whole market and who will move between branches in response to demand.

Initial consultations will be free but charges will apply on later advice through fees, commission or a combination of both. Under changes to the advice market coming into force in 2013, however, IFAs will be banned from taking commission from providers for selling their products.

Iain Wishart, owner of IFA Wishart Wealth Management in Edinburgh, claimed the venture was "doomed to failure". He said: "I see this as yet another example of lack of direction from the building society that will confuse, not help, their customers."