CFS ends door-to-door sales

Co-operative financial Services is to cut 670 jobs as it shuts down its door-to-door sales team.

The field-based financial advice team is made up of 497 sales staff with the remainder in office-based managerial and support roles.

The job losses are part of the company's review of its life and savings business, which was set up to consider the impact of new rules on financial advice in the UK. CFS, part of the Co-operative Group, said the Retail Distributive Review, which will come into force in 2013, will raise regulatory costs.