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Moneygate tipped for A2O deal

North-east IFA network Moneygate has emerged as front runner to acquire Alpha to Omega.

Money Marketing understands Moneygate is the preferred bidder while administrator Benedict Mackenzie has confirmed a deal for A20 is imminent. Simon Underwood and Rupert Mullins of Benedict Mackenzie were appointed joint administrators for the network on January 25.

Last week, law firm Regulatory Legal raised concerns that the administrators were trying to “pre-pack” A2O advisers and their client assets to sell on to another IFA firm.

One A20 rep says he has been offered terms from an unnamed firm that would see commission paid out in full on the existing commercial terms and would immediately accept written business. It is also understood that advisers would be offered a £3,000 signing incentive to commit to that firm for two years.

Regulatory Legal partner Gareth Fatchett says: “The key issue remains the ownership of the clients as to sell them on as part of the deal would raise questions of TCF, given that it is the adviser who owns the customers.”

Moneygate refused to comment on the issue.


Moneygate: A20 deal “unlikely”

Moneygate chief executive Lee Hartley says a deal for network Alpha to Omega is now unlikely despite a third offer for the business remaining on the table.


Sants quits the conflict zone

Advisers say that FSA chief executive Hector Sants is leaving a legacy of failing to crack down on bank advice and not understanding the needs of small IFAs.

Offshore firms back UK after Aviva exit

Offshore providers have asserted their commitment to the UK market following the news that Aviva is pulling its offshore bond business due to insufficient demand.

BoE: Easing on hold

Industry backs calling a halt to QE programme

Financial services commentators have welcomed the Bank of England monetary policy committee’s decision last week to suspend the quantitative easing policy. The MPC voted to halt the £200bn QE programme and hold bank rate at 0.5 per cent for the 11th consecutive month. Bestinvest senior investment adviser Adrian Lowcock says: “This is a sensible approach […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. I wish someone would sort bthis out. Farchett needs to keep his nose out and let someone sort this out.

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