Benedict MacKenzie’s Simon Underwood and Rupert Mullins have been appointed joint administrators for the network as of January 25, 2010.
Last week, the Financial Services Authority suspended Alpha 2 Omega from all regulated activities over concerns around its compliance arrangements.
A20 sent a letter to all its members/advisers informing them that the regulator has decided to change its permissions and ordered them it to cease all regulated activities for which it has permission from 5pm on January 21, 2010.
Earlier this month the regulator also ordered the IFA network to stop new business on certain funds, including Arch cru, as well as on structured products, pension transfers and drawdown.
Regulatory Legal Partner Gareth Fatchett says: “We are advising 12 members of A2O concerned about the recent upheaval at the network.
“My clients are concerned for their pipeline business and their clients.”