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Tenet wants FSA credentials for its support services firms

The Tenet Group is submitting its protection arm Premier and compliance support subsidiary Tenet Support Services for FSA regulation.

The company says that although this is not a requirement for these parts of its business, it wants the additional stamp of credibility and authority that it believes regulation will bring.

Tenet Group chief executive Simon Hudson says he considers there is a big difference in quality between the various support service providers in the market and he believes the fact that firms are not required to be regulated means some can effectively get away with offering a sub-standard service.

He says: “Some support service providers are doing more harm than good and the fact they are not regulated means they can get away with it and pass on the responsibility to the advisers.

“We want the equivalent of an Abta stamp so that anyone buying in our services knows that what they are getting is proper and compliant. We feel confident in our services to ask for this proactively.”

However, Simply Biz managing director Ian Thorneycroft says: “We are not in favour of this, primarily because our existing market relationship works well. Secondly, for cost reasons, as you will essentially end up with double costings – once for the support services firm and again for the individual adviser.

“Our costs will ultimately be passed on to the advisers. We do not see any additional benefit.”

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