Tenet chief executive Simon Hudson says advisers having to share client data with wrap providers is no different from any other financial services product.Hitting back at claims from Bankhall chief executive Peter Mann last week that there is a risk wrap providers will use this data to approach clients direct, Hudson says it is nonsense to suggest this problem is specific to wrap.Hudson says if advisers are particularly concerned about wrap, they can protect themselves by adding clauses into their contract with the provider.Mann said that in a single product contract, advisers are only sharing a limited amount of client data with the provider, rather than the entire port- folio if a provider-owned wrap is used.But Hudson says it is unlikely that an IFA would have all their clients’ assets on a single wrap platform, particularly with the issue of legacy products.Hudson says: “This is nonsense. If it is a risk, then advisers expose themselves to the same level of risk in any contract, it is not just about wrap. We have written into our contract with Lifetime that they are not allowed to contact our clients directly without good reason – certainly never to target them for business. I think it is very unlikely an adviser would have all of their clients’ assets on one wrap, anyway.”
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