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FSA puts secret conditions on merger

The FSA has placed secret conditions on the merger of Inter-Alliance and Millfield.

In a deal with the FSA, the firms had to agree to a series of restrictions – which the regulator refuses to make public – before a merger was approved.

Both firms were issued with a warning notice and a decision notice on September 29 relating to the proposed merger. The next day, they were told a set of restrictions had been applied.

The regulator has taken the same approach over Millfield&#39s control of Sage Financial Services, which is part of the Inter-Alliance Group.

The merger was formally approved on October 1, when the Millfield offer for Inter-Alliance became wholly unconditional. The two groups have 1,850 advisers and plan to grow the enlarged group to over 2,000. Further expansion is planned once multi-ties are introduced.

Cost savings of £5m or 10 per cent over the next year are planned and the group predicts turnover of £150m in a year.

The FSA statement says: “The FSA has decided to impose conditions on the approval of a change of control in relation to Inter-Alliance Group Plc, Inter-Alliance Limited and Sage Financial Services.”

Spokeswoman Ruth Excell says: “Sometimes when we issue a final notice, it is necessary to withhold information.”


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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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