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TPA, which stands for The Phillipson Agency, launches in Leeds on March 18 and Phillipson has ambitions to be one of the top ten creative agencies outside London. He has recruited a team of eight from outside Smile and is currently seeking a creative partner.

TPA will pitch against Smile's agency of record Farm for a project to promote the online bank's investment portfolio, ahead of Smile's planned launch of a share dealing service. Farm will continue to hold Smile's main advertising account.

There are no plans to replace Phillipson at Smile. Chief executive Bob Head will assume Phillipson's responsibilities and is overseeing the pitch for the bank's investment business.

Marketing departments for Smile's parent company The Co-operative Bank and The Co-operative Insurance Society (CIS) are due to be merged under a group marketing director who will oversee both brands. The group marketing director will have responsibility for the Smile brand.

The hunt for a group marketing director for the Co-operative Bank and CIS is unlikely to begin until a chief executive of the new entity is found.

The Co-operative Bank has been without a marketing director since David Conway left early last year to start his own business.

Advertising and agency relationships are handled by Simon Williams at the Co-op, while marketing at CIS is headed by general manager for marketing Martin Clark. However, the group is likely to seek an external candidate for the top marketing job.

Phillipson was Smile's first marketing director, having joined the company in April 2001, after the launch.In January this year he led Smile's poster campaign to build on the bank's ethical standing.

He started his career on the agency side working for Saatchi & Saatchi, Lowe Howard-Spink and J Walter Thompson. He has also worked at First Direct and Time Group.