Company news

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British Steel enters insolvency

British Steel is due to enter the insolvency process after the collapse of rescue talks between parent company Greybull Capital and the government. The move puts 5,000 jobs at risk and is the latest blow to the embattled industry. Reuters had previously reported multiple sources saying the £30m government loan requested had not materialised, placing […]

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SimplyBiz drops free third party fund research

Support service provider SimplyBiz has ended its contract with Synaptic which was providing a free fund research service to advisers. SimplyBiz says it has invested in its own end-to-end investment and financial planning system Centra, which covers off the functionality Synaptic was providing. Centra, which launched last year, was developed with ratings and technology business […]

Where will the Quilter-Lighthouse tie-up take its advisers?

Questions still remain over branding, restrictions, location and focus, but deal could be a positive one for both companies The advice world has a new power-couple after shareholders in national firm Lighthouse agreed to a takeover by Quilter last week. Lighthouse shareholders gave their overwhelming blessing to a marriage between Quilter and the firm, with […]

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Tesco Bank quits mortgage market

Tesco Bank has become the latest lender to pull out of the mortgage market. The supermarket bank will stop offering mortgage deals to new customers with immediate effect. It also confirmed it is looking for a buyer for its existing mortgage portfolio. Tesco said this strategic review was the result of more challenging conditions in […]

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British Steel on brink of collapse, reports suggest

British Steel could lapse into administration within days if an emergency government loan fails to materialise, according to reports. Sky News reports that British Steel – the second largest steel producer in Britain – is preparing for insolvency on Wednesday, with suggestions that it is becoming increasingly unlikely that funding will come through to safeguard […]

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Foster Denovo makes another acquisition

National advice firm Foster Denovo has acquired London and Capital UK’s wealth business in its latest expansion deal. Foster Denovo will begin servicing London and Capital clients’ portfolios and two advisers will move across to the firm. While currently the clients receive wealth management solutions, Foster Denovo says that they may move into its wider […]

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Investec axes loss-making robo-adviser

Investec has closed its robo-advice service Click and Invest after taking a hit of almost £20m in software costs and operating losses. The shutdown is effective as of today. Click and Invest made £12.8m loss in the year ending March 30, 2019, accounts show. The company has also reported a £6m cost allocated for Click […]

Tavistock encourages ‘poorer performing advisers’ to leave group

Advice network, fund manager and support service provider Tavistock has said that it has pushed some “poorer performing appointed representative firms to leave the group” this year over fears of regulatory risk. In its results this morning, Tavistock notes that because of its tightened attitude, along with additional costs from Mifid II reforms, advice revenues […]

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Jupiter poaches from Schroders for new CFO

Jupiter has turned to Schroders’ global head of finance Wayne Mepham to become the firm’s new chief financial officer. Mepham, who has been at Schroders for the past nine years after stints at consultant PwC, will join Jupiter in September, and will take up executive responsibility and sit on the asset manager’s board. Mepham will […]

Perspective makes first London acquisition

IFA consolidator Perspective Financial Group has made its first acquisition in London. The Group has bought south east London firm Thornton Springer Financial Services LLP. The purchase is Perspective’s 34th since the group was launched in 2008 and brings its number of offices across the UK to fifteen. Thornton Springer Financial Services was originally part […]

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Lighthouse shareholders approve £46m sale to Quilter

Lighthouse shareholders have approved Quilter’s £46m bid to buy the advice firm. Of the 75 per cent of shareholders voting, 92.38 per cent voted in favour. The result exceeded the majority of shareholder votes needed in order for the resolution to be passed and the deal to progress. According to a Lighthouse notice to the […]