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First wave of ex-Clarkson Hill advisers gain investment permissions

The initial groups of former Clarkson Hill advisers to join Merchant House Financial Services and Moneygate have been granted full investment permissions from the FSA.

National IFA Clarkson Hill went into administration in December after protracted talks with the FSA about whether the firm was meeting regulatory capital requirements.

Merchant House acquired some of Clarkson Hill’s assets after it was put into administration. Merchant House then became an appointed representative of TenetConnect.

Tenet authorised 150 former Clarkson Hill advisers for mortgage and protection permissions in January. But investment advisers, who require CF30 authorisation, were subject to a more rigorous due diligence process which caused a delay in reinstating their investment permissions.

Some 15 Clarkson Hill advisers that joined Merchant House have now been granted full investment permissions, with a further 18 advisers expected to gain authorisation in the next 24 hours and around 70 advisers expected to be reauthorised within the next week.

Merchant House managing director Nic Browne says: “I am naturally delighted to learn of the authorisations today and further encouraged by the news that a significant number of advisers should regain their authorisation by the end of the month.”

Tenet chief executive Simon Hudson says: “Merchant House is one of our largest AR firms and whilst the flow of authorisations is now coming through we remain focused to conclude all applications.”

Meanwhile Moneygate, which was involved in an unsuccessful bid for Clarkson Hill last year, has also gained full investment permissions for its first wave of ex-Clarkson Hill advisers.

Moneygate chief executive Lee Hartley says: “I am pleased to welcome these new advisers on board. We have an approval process which has been designed specifically for this project and has now been proven to work for ex-Clarkson Hill advisers.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. How is that?

  2. I’m glad for them but have not been so fortunate myself.

    Merchant House has made it clear to the administrators that they intend to keep 100% of my (and others’) trail commission until the agencies are novated away or transferred individually so what incentive do they have to provide any of the data requested by the FSA quickly to enable our reauthorisation? It is pure theft in my opinion. Currently costing me £2000-£3000 a month. Do the clients belong to Merchant House? No, they’re mine. Do they service them? No. So why steal their money for doing sweet FA? Because they can? Well, we’ll see about that.

    It would be nice if the FSA would apply the principle of law in the UK – that we are innocent until proved guilty. Then I might be able to advise my clients (i.e. treat them fairly) on their year-end tax planning. At the current rate of progress I might be able to advise them for the 2011/12 year end. One upheld complaint in 18 years (thanks to a colleague making an error in a CGT calculation in 1995) seems to count for nothing.

    I am on the verge of chucking it all in.

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