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CUA exits financial planning

Australia's biggest credit union, CUA, is getting out of the financial planning business. The mutual announced yesterday that it would sell CUA Financial Planning to Bridges Financial Services.CUA has 400,000 members but, of those, only 7000 are CUA Financial Planning Customers, with about A$550 million of funds under advice.CUA chief executive Chris Whitehead said in a statement: "In its current form our financial planning business is too small to offer the full range of services customers might need."Whitehead said part of the reason for selling to Bridges was that it does business with many mutuals and "understands and respects the principles of customer-owned banking".The majority of CUA Financial Planning staff will move to Bridges.The terms of the transaction were not disclosed.

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