View more on these topics

Standard Life in Tenet Group shareholder deal

Standard Life’s first foray into IFA distribution sees it become the fourth provider sharehol-der in Tenet Group in a deal revealed exclusively by Money Marketing last week.

Standard joins Aegon, Norwich Union and Friends Provident as shareholders in the UK’s third-biggest IFA distribution group, all holding around 20 per cent.

NU and Friends had been stakeholders of 9.9 per cent in Tenet since 2002, while Aegon joined the list in August 2004, also taking 9.9 per cent. The three existing providers have exercised options to increase stakes following the FSA’s abolition of the better than best rule on June 1.

Standard Life was the first of three providers under consideration to come up with an acceptable offer, according to Tenet.

Venture capital vehicle Aberdeen Murray Johnstone Private Equity took a 60 per cent stake in Tenet following a management buy-out in 2000. It has now fully exited the company, with Tenet’s remaining shares held by management, staff and network members.

This is Standard Life’s first foray into distribution shareholding although it is expec-ted to be looking at other partners in the future.

Standard Life managing director (sales) Nathan Parn-aby says: “Tenet is a good investment. We will not have any undue influence in what they do but this should streng-then our position in terms of adding value.”

Tenet Group chief executive Simon Hudson says: “It was always our strategic plan to have four providers as investment partners. Aberdeen had sat on the board and it was a useful relationship but it was always providers we wanted. It is nice to be supported but they will not influence us or our advisers. There are no plans to introduce another – we will stick to four.”


Endowment chasers set to be regulated

Endowment mortgage claims management companies are to be regulated in the upcoming Compensation Bill although it is unclear which body will take responsibility. The Department for Constitutional Affairs says it has made provision to legislate later this year in a Bill intended to tackle the compensation culture but it will not speculate as to whether […]

Wrap relations

If you laid out all the articles written about the impact of wrap and its potential in the marketplace they would probably reach Uranus.

Broker refused licence by OFT

A Tamworth mortgage and general insurance broker has been refused a consumer credit licence by the Office of Fair Trading. Tamworth-based Peter Collinson had been struck off the Roll of Solicitors by the Solicitors Disciplinary Tribunal for misappropriation of clients’ funds and other related offences according to the OFT’s adjudicator.

Sesame Select firms must leave network

Sesame members wanting to use its new multi-tie, unveiled last week, have been told they must leave the network to become directly regulated. The network says it sees bigger firms as most likely to follow the multi-tie route into its Sesame Select offering – which ties with Axa, Legal & General, Norwich Union, Standard Life […]


News and expert analysis straight to your inbox

Sign up


    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