Advisers

Tenet adds £80m with wealth manager aquisition

Tenet Group has completed a practice buyout of Preston-based wealth manager Elementum. The firm has been in the Tenet network since 2006. Elementum directors Peter Pearson and Martyn Slater will remain with the firm until the transition process is complete. The firm will continuing trading as its own brand and becomes a subsidiary of Tenet […]

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Four IFAs placed in default in latest FSCS list

The Financial Services Compensation Scheme has declared nine firms default, included at least four financial advisers, in its latest list of collapsed firms. Advice firms included on the list covering July are London-based Talk Financial Solutions, Kent firm Accuro Finance Limited, Birmingham-based Ashfield Financial Planning and R W Harris Limited trading as Roger Harris and Company […]

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Financial Planning Week: How advisers can get involved

The Chartered Institute for Securities and Investments has called on planners to sign up to it’s Financial Planning Week initiative in which consumers will be offered free one-hour advice sessions. The annual pro bono initiative run by the CISI will take place from 3-10 October. The CISI is encouraging planners to consider the opportunity of […]

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Advice firms back govt gender diversity charter

Advice firms, including St James’s Place, are pledging their support to increasing gender diversity in financial services by signing up to a government charter. The Treasury’s Women in Finance Charter now has 272 signatories, with 67 companies signing up between March and June. Advice firms Ellis Davies Financial Planning, Magenta Financial Planning, Evolution Financial Planning […]

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Pension transfers hit record £10.6bn in Q1

Pension transfers hit a record of £10.6bn in the first quarter of this year, according to Office for National Statistics data. The figures show the value of pension transfers in 2017 was revised up £2.5bn to £36.8bn. AJ Bell senior analyst Tom Selby says: “The Q1 2018 figure also likely includes a large number of […]

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Claimants of collapsed Norwich IFA in line for more payouts

Clients who received the Financial Services Compensation Scheme’s maximum compensation amount after being defrauded by Norwich-based IFA Taylor and Taylor may receive further payouts. In an update on the case today, the FSCS said those with losses that exceeded the amount police were able to retrieve from the firm could still approach it to cover […]

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TSB to face regulatory scrutiny over tech failure

TSB will be investigated by the FCA over the failed April launch of its computer system which left 1.9 million people without online banking access. Some of TSB’s five million customers are still experiencing problems after it moved to a system run by the bank’s Spanish owner Sabadell more than six weeks ago. TSB chief […]

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SJP trainee adviser banned and fined for faking qualifications

A St James’s Place advice recruit has been fined and banned after he falsely claimed to hold CII qualifications. Former SJP trainee adviser Alexander Stuart has been ordered to pay a £34,000 fine by 28 September after telling senior supervisors at the firm that he was fully qualified to provide advice. According to the FCA […]

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Claimants to pursue Liberty Sipp over unregulated investments

A group of 27 investors is taking action against Liberty Sipp over allegations it was responsible for losses incurred from risky investments. Wixted & Co Solicitors has issued a case in the Circuit Commercial Court in Bristol against Liberty Sipp. The firm is also acting on behalf of investors in a claim against Berkeley Burke. […]

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FCA to pay redress over poor correspondence

The Complaints Commissioner has criticised the FCA for its correspondence with a complainant and ordered it to pay redress. The complaint related to the FCA failing to respond to a report sent to it by the complainant at the regulator’s request, about professional indemnity insurance. According to the Complaints Commissioner decision, the complainant initially drew the […]

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IFAs urged to mitigate rising IHT bills

The government is boosting its income from inheritance tax bills because advisers may have failed to communicate the full advantages of new exemptions. Speaking at a seminar yesterday morning, Prudential senior technical manager Graeme Robb pointed to the rise people affected by the increase in the residence nil rate band to £1m for married couples […]