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Inter-Alliance suspends director at Mayfair base

National IFA Inter-Alliance has suspended London-based regional director Tony Davis while it says “certain matters are being investigated”.

Lawyers are believed to be involved and Inter-Alliance chairman and chief executive Keith Carby says he cannot discuss the reasons for suspending Davis from the Mayfair practice while the situation is being looked into.

But Money Marketing understands that some of the IFA firm&#39s franchisees have misgivings about contractual changes which the firm is trying to push through.

Carby says there is no question of client money being involved with Davis&#39 suspension and that it is entirely a human resources matter.

He says Davis, who has been with the firm since September 1997, is not a key player and is one of 120 practice directors at Inter-Alliance which has just over 1,200 advisers in total.

However, one Inter-Alliance member says Davis was widely regarded as one of the best-performing advi-sers within the company.

Inter-Alliance reported a loss of £4.3m last month for the first half of this year but Carby, who joined in January, says the company had been going through a period of recovery.

Carby says: “Tony Davis was suspended last week while certain matters are being investigated. It is entirely a human resources matter.”

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