View more on these topics

Tavistock to close and replace Financial Ltd network

Tavistock Investments is to close recently acquired network Financial Ltd and launch a new network in its place.

In July, Mortgage Strategy’s sister title, Money Marketing, revealed Tavistock was considering closing Financial. The stricken network had been banned from recruiting appointed representatives in July 2014.

Tavistock announced the acquisition of Standard Financial Group, the parent company of Financial Ltd, in January. It paid £500,000 for the business initially, plus a deferred consideration of £2,000 for each adviser who stayed with the group until 31 March 2016.

In its final results, published last week, Tavistock says 236 advisers have already been moved from Financial to the new Tavistock Financial network.

It adds: “Some members of Financial’s network may in due course be invited to become appointed representatives of the group’s other advisory business, Tavistock Partners, where a retirement guarantee is made available to members.

“It is anticipated that in due course Financial Ltd will cease to provide network services and that the entity will then be closed down.

“The establishment of the new network will enable the company to achieve significant operational cost savings, most notably through a reduction in the level of the professional indemnity insurance premium and other regulatory fees.”

Tavistock Partners was created in May 2014 when the firm purchased Derbyshire advice firm County Life and Pensions Ltd.

In May 2015 the firm also acquired Cornwall-based Duchy Independent Financial Advisers.

In all, Tavistock has over 270 advisers, around 65,000 clients and over £3bn of assets under advice.

The results show the firm made an £864,000 post-tax loss, compared to a £516,000 loss last year.


piggy, money, cash

ABI: £2.4bn withdrawn from pensions post-freedoms

Savers have withdrawn £2.4bn from pension pots in the first three months of the new freedoms, according to the Association of British Insurers. Figures from the ABI show £1.3bn has been paid out in cash lump sums, with an average payment of around £15,000. An additional £1.1bn has been paid out through 264,000 drawdown payments, […]

david carrington personal touch 750x400

Personal Touch to hike fees from October

Personal Touch Financial Services is to hike its fees from October in response to rising FCA and professional indemnity costs. The network wrote to members this week to explain that costs would increase ahead of the year end, with firms paying an extra £4 for FCA bills. Brokers will pay a further £36 per adviser […]


Front Events announces FSE seminar programme

Front Events has announced its full seminar programme for the upcoming Financial Services Expo. The Association of Mortgage Intermediaries-organised seminar theatre will have talks from the FCA on both days – one on the post-Mortgage Credit Directive Market and the other on other challenges the market faces. Day one will also feature an economic update […]


Enterprise Finance gains FCA authorisation

The FCA has approved master broker Enterprise Finance’s application to give mortgage advice. From March, second charge customers must receive advice and now the firm can now offer this. Chief executive Danny Waters says: “At Enterprise Finance we’ve always fully embraced the opportunities presented by increased regulation and the enhanced transparency it affords consumers. The […]

Infographic - thumbnail

Infographic — health cash plans 2014

Health Shield has strengthened its position in the cash plan market, according to the latest Laing & Buisson report, increasing its market share by income from £27m in 2012 to £29m in 2013. The Health Cover UK Market Report 2014 revealed that the non-profit-making Friendly Society was the only provider in the top four to have increased its market share by income over the past year. Health Shield was also the only cash plan provider in the top four to have increased its market share by income every year for the previous five years. This infographic presents the figures.


News and expert analysis straight to your inbox

Sign up