Foster Denovo to close adviser events business after inducements clampdown

Scott Sinclair
clock

National advisory group Foster Denovo is set to close a subsidiary which put on provider-funded events for its 80-plus advisers after a regulatory clampdown on inducements.

Group directors said they intend that Foster Denovo Event Management (FDEM) will cease trading in 2014. The subsidiary will fulfil its obligations for events already arranged until the end of the year, though it will receive no revenue for doing so. The group has been transitioning the now loss-making business away from putting on provider-funded events for its advisers and towards operating as an information-only proposition since 2012. It followed a regulatory crackdown on provider payments to advisory businesses by the then-Financial Services Authority (FSA) two years ago. Ea...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Wealth manager has partnered with charity Sporting Wellness

Professional Adviser
clock 03 May 2024 • 1 min read
Adviser guide aims to 'demystify' Consumer Duty annual reporting

Adviser guide aims to 'demystify' Consumer Duty annual reporting

Firms to produce first annual Consumer Duty board report

Sahar Nazir
clock 02 May 2024 • 1 min read
Behavioural coaching a 'tough sell' among prospective clients

Behavioural coaching a 'tough sell' among prospective clients

‘Clients overlook major sources of value from advisers’

Isabel Baxter
clock 02 May 2024 • 1 min read