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Paul Tebbutt joins Simon Chamberlain at Succession

Former Millfield chief executive Paul Tebbutt has joined Simon Chamberlain’s IFA consolidation firm Succession as a relationship director.

This week’s Money Marketing reveals that Tebbutt has been recruited by Chamberlain as one of seven divisional directors to help introduce IFA businesses to Succession.

Succession launched on May 1 targeting 85 IFA firms and £7bn funds under management. Tebbutt plans to contribute around £1.7bn and has already signed up three companies with around £200m of assets.

Tebbutt, who was chief executive of Millfield Partnership, was fined £35,000 by the FSA in 2006 for providing misleading information about the firm’s application to merge with Inter Alliance. Millfield went into administration in June 2006.

Succession chief executive Simon Chamberlain says: “Millfield was the biggest IFA in the UK once upon a time. A lot of those businesses went over to the Money Portal and are dissatisfied with the Honister deal. They have contacted Tebbutt about leaving.”

Honister Capital strategy and business development director Alan Easter says: “If we added together all the people our peers are telling us are joining them because they are upset, it is probably twice as many people as we actually have in total.”


Direct-only cover deals

Further to recent concerns over the availability of professional indemnity cover for advice regarding “direct-only mortgages”, I thought your readership might be interested in the following observations from PYV.

1Bn loss for Royal Bank of Scotland

Royal Bank of Scotland has posted a 1bn net loss for the first half of 2009 but, excluding writedowns of goodwill, the bank saw a pre-tax profit of 15m.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Deja vu..
    I keep having these flashbacks, as if what I read has already happened or will happen soon.. over and over again.. Funny feeling… Some of the people in other collapsed.. er… distribution models keep popping up… like the bash the mole/frog/meerkat games kids play.

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