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Standard in Tenet stake talks

Standard Life is understood to be in negotiations to buy up to 40 per cent of the Tenet group in a deal that would value the independent group at 86m.

Tenet has over 5,000 advisers and is the third-biggest IFA group behind Bankhall and Sesame.

It owns seven subsidiaries, including mortgage specialist Lime, the M&E network, Interdependence and national IFA Capital Financial Planning.

Tenet is currently the biggest privately-owned IFA group.

A source says a deal was scheduled to go ahead in April but was held up by the FSA over concerns at the way Standard’s stake would be expressed in menu disclosure documents.

The better-than-best rule previously required firms recommending products from providers holding more than a 10 per cent stake to show why that product was of a higher quality than other available products.

The new rule, which came into force with depolarisation on June 1, only requires that a providers’ stake is declared.

Both Standard Life and Tenet declined to comment although an announcement is expected later this week.

Shields Investment managing director and Interdependence network member Leslie Shields says: “If Standard were to take a stake in Tenet, we would continue doing our own thing anyway.

“Interdependence do not force us to use one provider over another and the involvement of a new partner would not affect who we use.”

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