Perspective Financial Group will no longer pursue adviser acquisitions as part of a shake-up which has seen group operations director Peter Craddock and finance director Phil Carr leave the business.
Craddock remains in a consultancy role to help Perspective transition to new management. He has also been appointed to the Regulatory Decisions Committee, which hears appeals on enforcement and authorisation issues and reports to the FCA board.
He is expected to step down from his position on the Apfa board which he joined last March.
In August Perspective postponed plans to raise £28m through a float on AIM. Money Marketing understands the business was offered to private equity investors in 2012.
The most recent accounts show the firm made a pre-tax loss of £1.45m in 2012.
Perspective executive chairman Paul Hogarth says: “Since 2008, the group has completed over 30 acquisitions and is now a mature financial services business. It is now entering a period of consolidation during which the principal focus will no longer be on making acquisitions and so the requirements for the executive director roles have changed.”
Plan Money director Peter Chadborn says: “It is a tricky time to be making IFA acquisitions. There are still too many unanswered questions about which business models will be successful so I can see why there is caution about continuing to pursue an acquisitive strategy.”