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Openwork defends Brazilian adviser conference

Restricted network Openwork has defended a conference it is holding in Rio de Janeiro for over 100 of its top advisers.

The Openwork Overseas Convention is set to take place in Rio in May and sees the firm entertain 120 of its “key advisers”.

Openwork says it fully funds the conference itself, which forms part of its ongoing engagement programme to enable advisers to share ideas and best practice.

The firm, which is 25 per cent owned by Zurich, reported a £321,000 profit for the year ending 31 December 2012. Its 2013 accounts are yet to be published.

An Openwork spokesman says: “Openwork runs a full programme of events to engage with our advisers. All of our events are run in full adherence to FCA requirements.”

Independent compliance consultant Adam Samuel says the trip would not fall foul of the FCA’s recently announced inducement rules as it is paid for by the distributor, rather than any providers.

But he adds: “You would hope Openwork is carefully monitoring the marginal deals which make the difference between an adviser being on the plane or not being on the plane.

“You also hope that the people on that plane are not subject to concerns around suitability of any sales.” 

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Adam, Paul

    No no you have it all wrong. The flight time from London to Rio is just about 12 hours. So the conference is on the plane – 12 hrs there – 12 hrs back.

    All the delegates get a free tube of pile cream.

  2. Zurich own 100% of Openwork holding company. The advisers have nominal/pretend 75%shares. All overseas conventions have always been paid for by the providers. Zurich is indirectly paying for this holiday, it’s business as usual, it is a full Zurich tie with a few bits on the side. Zurich keeps control of Openwork by ensuring that Openwork owe them so much money that they cannot stray, plus controlling that they use the Zurich platform. Recent fictional Openwork profits were simply a backhander bung from providers prior to FCA rules. FCA were really annoyed but let them off.

    Openwork still provide the best adviser Conventions. Shite company but great holidays, good luck to them. Everyone else is just envious.

  3. What is the problem if they work hard and are successful reward them. Lets face it if the regulator could enforce it, advisers will have to flagellate themselves daily for making a living.

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