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 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 […]
If you laid out all the articles written about the impact of wrap and its potential in the marketplace they would probably reach Uranus.
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 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 […]
One of the areas that will be high on the new minister for pensions’ to-do list will be the forthcoming review of automatic enrolment (AE). The outgoing minister had regularly said that AE contribution levels would need to be revisited early in this parliamentary term, and new research by Jelf Employee Benefits reveals employer support for such proposals.
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