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deVere Group grows UK footprint

Network UK mapdeVere Group’s subsidiary UK Workplace Solutions has had regulatory approval to acquire WPS Advisory, which used to trade as Priscum Direct.

UK Workplace Solutions was granted the approval notice from the FCA and will merge WPS under its own brand.

deVere Group chief executive Nigel Green says WPS Advisory will focus on people facing “tough retirement choices”.

Green says: “This latest group acquisition underscores deVere Group’s ongoing commitment to the UK and to investing in financial services firms that truly reflect a changing market, regulatory and legislative landscapes in [the UK].”

The acquisition follows a difficult period for deVere.

deVere Group stopped providing pension transfer reports in February last year while the FCA conducted a “skilled person review” into it’s pension transfer advice.

The firm also had to close offices following a change to the taxation of overseas pensions, or QROPS, formerly representing a fifth of its business.

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