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Bullock quits as N&P looks to sell off IFA operations

13 January 2011
Written by rosalind renshaw

Matthew Bullock, chief executive of Norwich & Peterborough, is to retire.

The building society was caught up in the Keydata investment scandal, with allegations that it mis-sold up to £50m of investments.

Recently, the society said it had received takeover approaches.

N&P chairman Gordon Horsfield thanked Bullock for his 12 years at the company. He said a search for his successor will start immediately.

Bullock said: “Having steered the society through many changes, including the worst of the financial crisis in 2008/9, now is an appropriate time to make way for a successor.”

In a separate development, N&P is reviewing its IFA operations and could dispose of its advice team to Aviva.

A spokesperson said: “N&P is reviewing the provision of independent financial advice in its branches.

“The review, which is due to be completed by the end of January, is being carried out against a backdrop of the Financial Service Authority’s own industry review into the provision of financial advice for retail investments.”

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