Saffron Building Society has transferred the financial planning activities undertaken by the Society’s subsidiary, Saffron Independent Financial Advisers Ltd (Saffron IFA), to Towergate Financial.

Towergate Financial currently works with four building societies and operates in over 50 locations throughout the UK,

The decision follows an extensive board-level review at Saffron of the future for financial advice and, in particular, the forthcoming Retail Distribution Review (RDR). The existing team of advisers will transfer to Towergate Financial which will also deliver a small financial gain to Saffron Building Society’s members.

Jon Hall, Saffron Building Society’s chief executive, said: “Saffron’s objective was to guarantee the provision of this valuable financial advice service in light of regulatory uncertainty. Engaging with Towergate Financial achieves this objective as well as retaining our existing advisers. It’s a credit to the team involved in Saffron IFA that there was such interest in this business reflecting the highest standards in handling our clients.