National IFA LEBC is now directly authorised, having previously been an appointed representative of Tenet.
LEBC was previously part of the network Tenet Connect, and will “continue to work” with the business through its directly authorised arm, Tenet Select.
LEBC will offer its own compliance service to its clients after the move.
LEBC chief executive Jack McVitie says: “To have a compliance framework and processes in place which is tailored to our business was the key driver for applying for direct authorisation and, given the pace of change we have seen in the business and the industry at large over the past few years, now is clearly the right time to make this change.”
McVitie adds: “I am pleased to say that part of the reason that we have reached this point of change is the excellent relationship we have had with Tenet and so we will continue to work with them in the future.”
Tenet chief executive Martin Greenwood adds: “We are delighted to continue to work with LEBC. We have established a very positive relationship with them over the past five and a half years and look forward to supporting them as their proposition evolves.”
McVitie told Money Marketing that the firm would still make use of some of Tenet’s support services.