View more on these topics

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.”

Recommended

Skandia writes down 86m goodwill against Bankhall

Skandia has written down a further 86m in goodwill against loss-making Bankhall, prompting speculation it is preparing to sell the business.Skandia, in its half-yearly report, says Bankhall’s earnings deteriorated during Q2 last year, announcing that the firm reported a loss of 1.36m for the first half of the year excluding goodwill charges. The report states […]

No IFA blame for contracting out

IFAs will not be blamed for advising investors to contract out of Serps although an FSA report has found that most people who have contracted out will be worse off. The average pension loss after contracting out is 4 a week, according to a report commissioned by the FSA. Even people who contrac-ted out for […]

Premier push into sub-prime

Premier Mortgage Service is to drive aggressively into sub-prime after completing 107bn worth of mortgage business since it was set up in 1997. Completions for the firm- any reached 27bn in 2004 but less than 100m of this total was in the sub-prime sector. PMS, which was originally part of Prudential and now incorporates Norwich […]

Matrix unloaded

The controversial move of the 30m Quantock UK growth fund from Matrix to Marlborough demonstrates the power wielded by managers in disputes over the control of their funds.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment