The former chief executive of Burns Anderson, the Bristol-based advice network that went into administration in 2012, has become a director at mortgage and protection network HL Partnership.
The South Coast-based mortgage network has taken on Mike Hughes as a non-executive director following his previous roles at companies including Burns Anderson, Legal & General, Positive Solutions, Thesis Asset Management and platform Novia.
Hughes says: “This is a company that has been one of the better kept secrets among networks. It has quietly gone about building up a nurturing environment for its members, backed by some of the best IT, training and compliance support systems I have seen.”
Hughes’s role will be to advise and help the board to build on its appeal to the adviser market.
Tanner says Hughes will help the company grow its market share
He says: “[Hughes’s] experience of the sector and the lending market will be of immeasurable help as we set our plans in motion to grow our market share and attract new members to the HL Partnership family.”
Burns Anderson was an appointed representative of the Honister Capital group.
Honister went into administration in 2012 and by June 2013 the Financial Services Compensation Scheme had received 300 claims against Burns Anderson and fellow Honister appointed representative Sage and Honister Partners.
There were more than 150 claims decisions with pay-outs totalling more than £550,000.
Part of the fallout from the network included one of the ex-Burns Anderson advisers, Stewart Sermon, being jailed for five years in 2014 after stealing £85,000 from elderly clients.
More recently, in 2016, a group of 99 former clients of ex-Burns Anderson adviser Michael Royde lost a Commercial Court case against the network’s professional indemnity insurer Liberty Mutual.
The group was claiming more than £20m in losses. The judge said Royde had let the clients down through “bad advice”.