IOOF licensee acquires advice business

Credit Union Australia has announced it will sell its advice arm, CUA Financial Planning, to Bridges, allowing the credit union to focus on its “core business”.

“Following a comprehensive review of the market, Bridges was chosen for the right commercial terms, their ability to transition customers and staff and, of course, their commitment to the customer-owned banking sector,” said CUA chief executive Chris Whitehead.

“Bridges already provides financial planning services to approximately 80 per cent of the mutual industry and understands and respects the principles of customer-owned banking, which are very important to CUA and our customers.”

Mr Whitehead said the divestment of the financial advice arm is part of the institution’s “overall strategy” and that CUA will be speaking to Bridges to ensure “financial planning remains a key component” of its service offering.