View more on these topics

Moneygate gives up on Clarkson Hill deal

Moneygate has given up on a deal for Clarkson Hill Group but stated it is welcoming applications from the group’s former advisers to join the firm.

CHG announced on Friday it had gone into administration and had appointed Bridge Business Recovery LLP as its administrator.

Earlier this month, Moneygate applied to the FSA for consent to undertake a bulk transfer of CHG advisers. Moneygate has so far spent around £100,000 on the deal in due diligence and advisory costs, in talks which have lasted around three months.

A statement from Moneygate chief executive Lee Hartley says the offer could not succeed without bulk transfer approval.

Hartley says: “I can confirm that we did not acquire the business and assets of CHG despite being involved in the process for the past three months.

“Our offer could not succeed without bulk transfer approval. We hoped to be in a position to achieve this within a matter of days, but we didn’t have all of the elements together when final offers were requested.”

Hartley adds Moneygate is working to allow former CHG advisers to start trading with them in the near future.

He says: “We are currently putting all of the conditions and measures that formed our bulk transfer application into an individual process for advisers that choose to join us – we hope that by doing this we can get advisers into a trading position quickly.
“Internally we have also agreed that the full financial commitment that previously stood behind our offer will be put on the table for advisers to replace lost income – that’s really where our investment needs to go.”



MM Leader: Regulation must offer rewards for lower-risk firms

Advisers may have got a bit of festive cheer from news the FSA will lessen its supervision of lower-risk firms as the regulator manages its transition into the Consumer Protection and Markets Authority. Speaking this week at a Reuters event in London, chief executive Hector Sants said the FSA would have to scale back some […]


FSA appoints new Cfeb board members

The FSA has appointed five new non-executive directors to the board of the Consumer Financial Education Body. The new appointments include National Literacy Trust chief executive Jonathan Douglas, MGM Assurance deputy chair and Safe Home Income Plans Group chair Laurie Edmans, strategy, business change and performance improvement consultant Richard Hughes, independent consultant on regulation and […]

Nest to offer SRI fund as part of its investment strategy

Nest is to offer an actively managed global equity fund that will focus on both social responsible and ethical investment issues. The fund will be one of a number within the group’s core investment strategy and Nest has made an offer to global equity SRI fund managers to tender for the initial contract. Nest is […]


War veterans urge Government to unfreeze pensions

British war veterans living outside the UK are preparing to hand their medals back in protest at their pensions being frozen by the Government. Pensions minister Steve Webb (pictured) will today receive a petition from more than 100 former military expatriates living across the Commonwealth. The International Consortium of British Pensioners says the “discriminatory” freeze […]

Planning now for the residence nil-rate band

Graeme Robb, senior technical manager at Prudential, writes about the residence nil-rate band and the advice opportunities it presents for you when tax year-end planning with your clients. On our Planning Matters hub, we considered a widow, Margaret, and a married couple, John and Anne, for whom the residence nil-rate band (RNRB) is influencing planning […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm