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Succession granted DFM permissions as Paul McMahon joins board


Advice sector consolidation firm Succession has been handed its discretionary fund management permissions from the FCA.

The business has also recruited Axa Elevate founder and former FNZ chief executive Paul McMahon to its board as non-executive director.

Succession chief executive Simon Chamberlain says the firm is now “completely independent of all product providers, fund managers and platform providers”.

He adds: “We are now the only independent company of scale to be completely vertically-integrated, benefiting from all income lines from our advisory business through to platform provision and now fund management.

“For the first time in the UK, a client will be able to be assured that the person and company they give their money to invest will give them an individual life plan, supported by full cashflow forecasting, delivered on a platform and in range of funds that are designed specifically for their individual needs.”



Former IFA Ponzi fraudster handed two extra years in jail

A former IFA serving a 10-year jail term for a Ponzi fraud has today seen his sentence extended by a further two years. A Southwark Crown Court judge added the 730 day penalty after Phillip Boakes failed to pay a confiscation order made at the same time his sentence was upheld in November. Boakes was […]

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FCA rejects advice long-stop

Advisers will not be given a long-stop protecting them against future compensation claims, the FCA says. It considered introducing a 15 year limit on financial advice liability as part of the FAMR – published today – but concluded “this would not be in the interests of consumers”. It says this was a particular risk in […]


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