Skipton Building Society is to integrate Skipton Financial Services Ltd (SFS), its wholly owned financial advice subsidiary, into Skipton Building Society, to form one combined business.
The mutual says the integration will enable customers to receive all their financial services needs from one business.
There will be no compulsory redundancies as a result of the joining of the two businesses, which already share the same head office building in Skipton and which is planned for the summer.
The integration of Skipton Building Society and Skipton Financial Services (SFS) Ltd is subject to regulatory approval.
David Cutter (pictured), Skipton Building Society’s group chief executive, said: “Integrating the two businesses will enable us to better meet the needs of our customers, to support them with all their financial planning needs, and to develop our digital and online offering for them. As a result of this integration Skipton Building Society will be even better placed to help people prepare for their life ahead.
“Importantly, customers of both businesses can look forward to receiving the same high levels of personal service as they do at the moment. With both our organisations proudly listed in the Sunday Times Top 100 Companies to Work For, as well as Skipton Building Society being named the best financial services provider on the high street for customer service excellence, and having our No Pressure Promise, we think we can only raise the bar even higher for service excellence.
“The past year has seen radical changes made to the pensions arena, which has left a generation of people in need of somewhere to turn to make sense of everything. There’s an even greater need for people to receive not only mortgage and saving support, but also investment and pensions advice, something that so few other firms are capable or willing to deliver on the high street to the mass market.
“We are both capable and willing, and by integrating our two businesses into one, we can evolve while we remain committed to providing financial advice to our customers.”