VirtualNet has been locked in a bitter dispute with a former member who is accusing the network of applying unfair charges to lock members in.MacArthur Denton Asset Managers threatened to take legal action against the online network when it was hit with a charge of just under 20,000 on resigning its membership. VirtualNet insists that the charge, which represents the firm’s monthly membership fees from the date of its resignation to its anniversary of joining the network, is written into its terms and conditions. The network waived the fee after being threatened with legal action. VirtualNet spokes-man Andrew Bedford says the waiver was an exercise of discretion by the network because the firm had resigned only two weeks into its new contract. The IFA’s managing director Ray Galt says his firm was plagued by problems which prompted it to leave the network, including the failure of VirtualNet to induct and auth-orise new members of staff. Galt says he had to pay the sal-aries of two RIs unable to transact any business for six months. Bedford says: “Our RI application and authorisation pro-cess has never failed. We are thorough in our vetting and will only take on appropriate people. To say we are applying hidden charges to lock people in is fundamentally wrong.” Galt says: “No company would write off 20,000 that they were contractually ent- itled to.”
Matrix is launching an income and growth VCT 3 and is marketing a packaged share offer for the Foresight 3&4 VCTs which it promotes. The firm is aiming to raise 20m in the new income and growth VCT managed by Mat-rix Private Equity Partners. The VCT will be similar to the original Matrix income and […]
London wealth manager The Route Group has completed a restructuring programme which will see it aiming at the top-earner market. Route has a team of four IFAs plus a mortgage, tax and property specialist and has introduced a tier of relationship managers. There is a support function of two research and development staff to assist […]
Tenet is waiving the 200 a month charge for members to join its training academy in a promotional offer to draw in new advisers. The network group says its training regime allows existing IFA firms to conduct new entrants training “on the job” without placing a financial burden on the firm. Sales and marketing director […]
There are some events in life which make us realise how precious our existence is and appreciate our lifestyles. Some even remind us of the immense value that we provide in the financial-advice profession, more than any other except, perhaps, the medical sector.
After a year of correctly anticipating bund yields (negative) and defaults (Abengoa), James Foster looks forward to a rise in interest rates in 2016.
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Concerns have been raised about the independence of two directors at Neil Woodford’s £855m Patient Capital Trust after a report in The Times reveals they have jobs at companies in which the fund owns a stake. According to The Times, Patient Capital Trust chairwoman Susan Searle is also deputy chairwoman of Mercia Technologies, a quoted […]
Lloyds Banking Group’s pre-tax profits have jumped 23 per cent to hit £1.6bn for the quarter, latest results show. For the three months to the end of March, the bank has reported net income of £4,3bn, up 4 per cent year on year, as Lloyds sounded a bullish note on the prospects for the UK […]
Metro Bank’s chairman Vernon Hill has been re-elected despite opposition from activist shareholders such as Royal London. Hill has received criticism from a number of major shareholders over payments to his wife’s company Interarch totalling £21m since Metro Bank’s inception in 2010. The board at Commerce Bank previously ousted Hill from his former role at […]