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CPG up for sale after cash crunch

High-net-worth IFA Corporate Planning Group, the firm set up by former Inter-Alliance director David Tuson, has been placed into administration and put up for sale.

The Fareham firm, which had 82 RIs at a number of offices across the South, closed to regulated business on Monday because of a cash shortage. The advisers were employed on a sub-contracted basis and remain on the books but all 65 staff have been made redundant.

Tuson, who was a director of Inter-Alliance at the time it floated on Aim, left the management of CPG 18 months ago but retained a consultancy role, leaving managing director Chris Robertson to take day-to-day control.

CPG was set up in June 2001 with £2.8m of private capital and is believed to have secured only half of the £3m extra capital it had been seeking at the beginning of this year.

London insolvency service Tenon Recovery, which has been appointed to deal with the firm&#39s administration, is in talks for a quick sale and expects to announce a buyer this week. Spokesman Cameron Gunn says: “We are in talks with several competitors in the marketplace with the intention of effecting a sale to ensure continuity of service to all involved with the group.”


Complaints to FOS double to 2,000 a week

Complaints to the Financial Ombudsman Service have soared to 2,000 a week from 1,000 this time last year. The FOS had expected 1,500 new cases last month, leaving it open to claims by the industry that it has grossly underestimated the amount of complaints it will get this year. FOS head of communications David Cresswell […]

LIA&#39s view

The Financial Services Skills Council recently called us all in for yet another account of the progress of the examination review. The review kicked off at the end of the 1990s and everyone will have read CP157, the various interim documents and the latest document, CP194, on which the FSA will give its feedback next […]

Regulation to make it easier for employers to offer pensions advice

The Treasury&#39s two-year review of the Financial Services and Markets Act recommends changes to regulation that will provider greater certainty about the regulatory position of financial advice provided by advice centres, make it easier for employers to provide advice and information to employees on pensions and recie the regulation of occupational pension fund trustees when […]

Barclays ditches Woolwich IFA brand

Barclays is scrapping the Woolwich IFA brand and restructuring all its advisers into three tiers which will see its 600 IFAs operating in different segments of the market. Around 350 of the IFAs will operate alongside Barclays&#39 400 tied advisers serving the mass market with 200 in the high-net worth market offering independent advice to […]


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