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Suite move by Tenet

The Tenet Group is setting up two new businesses to create a support services suite for directly regulated IFAs.

IFA Professional, the support services provider for investment and pension intermediaries, will be positioned alongside new firms Mortgage Professional and Insurance Professional, which both launch in early September.

Glenn Chapman, who joined Tenet from Sesame in July, will head the three firms.

Tenet investment adviser services division managing director Nick Kelly says many advisers are unaware of the level of diligence demanded by the regulator, revealed by a recent mystery-shopping exercise by the FSA on mortgage and general insurance brokers.

The firm insists that the network model is not dead and says it is still investing in the growth of its networks. It will announce its multi-tie proposition by the end of the year. and says it sees multi-tie as a way to generate extra business rather than offering a soft exit route for network members.

Networks M&E and Interdependence have 850 and 300 RIs respectively. IFA Professional services 1,100 directly regulated individuals, with the overall Tenet group having 5,690 RIs, including members of the Lime mortgage and GI network, the Capital Planning UK IFA arm and the Premier protection network.

Kelly says: “There are a lot of advisers out there who, with the recent introduction of regulation, will not be aware of the importance of personal accountability, training and competence, initial disclosure documents, compliance and marketing. This suite will give them a huge comfort blanket.”

Chadborn Baker and Kea- rle principal Peter Chadborn says: “Tenet seems to be responding to members’ feedback since depolarisation.”


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