View more on these topics

Sanlam acquires client bank of Middlesex IFA

Sanlam Private Wealth has acquired the client bank of IFA firm Camilleri & Associates.

The acquisition brings £52m of funds under influence to Sanlam Private Wealth, which now has over £550m of funds under influence.  No principals or staff from Camilleri & Associates, which specialises in advising private clients, will be joining Sanlam.

The managing director of the Middlesex-based IFA firm Henry Camilleri is retiring from the industry.

Sanlam Private Wealth chief executive Nigel Speirs says: “Our programme of acquisitions is building up as we approach RDR. We wish Camelleri and his colleagues all the best and look forward to offering their clients the highest levels of service advice.”


Abbey and Halifax cut fixed rates by up to 0.2 per cent

Abbey for Intermediaries is to reduce its two-year fixed rate products at 60 per cent 75 per cent loan-to-value by up to 0.2 per cent. The changes, which AFI will reveal in full tomorrow, take effect from tomorrow and include mortgages in the lender’s loyalty range. The lender is also withdrawing its two-year tracker homebuyer […]

Nationwide launches four-year fix at 3.89%

Nationwide has launched a four-year exclusive fixed rate mortgage for both homebuyers and remortgage customers who hold a FlexAccount with the society as their main current account – with a rate of 3.89 per cent for loans up to 70% LTV. The deal comes with no product fee as well as a free valuation and […]

MM Profile: Peter Craddock

Perspective Financial Management’s group operations director has a few golden rules when acquiring new businesses – do not lose the advisers and take care not to destroy what made that business successful in the first place. Perspective Financial Management group operations director Peter Craddock is adamant that the business is more than just a consolidator. […]

Shave and prosper

Steven Black, a banking and finance specialist at law firm Osborne Clarke, looks at the emerging trend of firms offering non-transferable bonds direct to their customers Bonds issued directly to the public are nothing new and can be issued and listed on the stock exchange in a similar way to shares but a new development […]


News and expert analysis straight to your inbox

Sign up


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

  1. How does Nigel Speirs manage to buy firms in the UK without taking on the staff, and not breach Transfer of Undertakings (Protection of Employment) Regulations 2006?

    Beecroft has had the legal department of the BSI at his disposal and they couldn’t square that circle.

    He would be the hero of the Institute of Directors if he has found a legit loophole. Please do share your magic formula.

  2. I can see a real problem where an IFA is sold to a company that provides restricted advise, and is part of an insurance group. Are the clients being given enough information so they can make an informed decision about staying or going?

    The fee’s Sanlam charge are also high – 3% upfront and 1.9% trail (1.5% for advice and 0.4% product charge). That’s approx 22% of the sum invested over ten years. I can’t see how these charges can ever be justified.

    If the client used the Sanlam whole-of-market route they charge a whopping £1,200 for a report and an 1.5% ongoing servicing charge – on top of any product charges.

    High charges such as these damage all financial advice companies as they rightly put people off investing in thew markets. Paying 22% in charges is way too much.

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